FXTrading Corp Review – Why should you avoid it
Choosing a broker for trading is none of the easy things to do. Especially when you are the newcomer to the industry, all of the brokers and all of the promises seem to be true and seem to be very right. Though do not hurry and wait a bit for the professionals to advise you. Actually choosing a broker is no less important than acknowledging with the information regarding Forex Trading. While choosing a broker you also have to read a lot, check the brokers, double-check the reviews, and only then dedicate yourself to the trading with one specific broker. So imagine, that this broker should become your long-term partner.
In this article, we will be reviewing one of the brokers available in the market. Unfortunately available would be more convincing to say. This time, our target is FXTrading Corp. Previously we mentioned unfortunately, we just want to make sure that we mean it. Hardly ever you will meet that kind of unsuccessfully and unreliable broker in the market.
This is the money, when you should forget the phrase, do not judge a book by its cover. This is the moment where you have the content exactly identical to the cover of the book. The first thing you pay attention to when you enter any kind of webpage is the design and visual. This is the moment when you can start pressing the back button to return to the previous page. I doubt that it will be worse than the home page of the broker.
The technical bugs are all the way along. Besides the bug, the design and the visual of the website are simply saying terrible and tasteless. When people are addressing brokers, this means that they are ready to dedicate a valid amount of there time and money to that broker. Though, this is the case when it is not even worse.
Besides the lack of visual sense on the website, it seems like the kindergarten level designer and computer engineer were in charge of creating the webpage. It is done is a very old way. The very old style of buttons and useless frames. The page is full of pictures, of people you have no idea of. The worst part is when you come across the banners all the way through the page. This is something you will definitely not see very usually with the brokers. Banners are all round.
License and Legal issues
Having the license is one of the key moments while choosing the broker. Holding a valid license means that the broker holds the rigid back behind the scenes. Though, not all of the brokers can boast with the high regulatory authorities being on their back. Definitely not FTXTrading Corp though. The company is overall registered in South Korea. While the businesses from South Korea are generally operating outstandingly well, this broker does not seem to have anything in common with them, despite the FXtradingcorp regulation.
The main problem is that besides the information, stating that the company is based in South Korea and is licensed by the regulator, there is no additional information. There is no specific address available. This means that the company might be registered offshore, meaning that this is the perfect way of making a lot of money and getting away with it. So far it looks very much like it.
There are no specifications of the license, of the address, or anything else. While the offshore address might be for not paying additional fees and bills, it is one the other hand perfect way to cut some greens.
FXTradingcorp Account Types
The very important thing while choosing a broker is the options of the account types. It is essential for the costumers to have the opportunity to choose from the existing account types. The more the account types are, the wider the choice is. With FXTRading Corp, there is a little e can say. The web-based platform, first of all, does not give a lot of opportunities. Well, do not get me wrong, the web-based platforms can operate very well, though with a very good broker in charge. When we have the broker with the poor website and no idea how the navigation and design work in the 21st century, it is really hard to rely on the platform in the end.
There is no specification of the account types if the broker. Though, what you can see on there page is the number of BOTs. There is 11 variation of FXtradingcorp accounts, which are defined down below.
- Bot 50000 – members have to pay $50000 to claim the package
- Bot 40000 – members have to pay $40000 to claim the package
- Bot 30000 – members have to pay $30000 to claim the package
- Bot 20000 – members have to pay $20000 to claim the package
- Bot 10000 – members have to pay $10000 to claim the package
- Bot 5000 – members have to pay $5000 to claim the package
- Bot 3000 – members have to pay $3000 to claim the package
- Bot 1000 – members have to pay $1000 to claim the package
- Bot 500 – members have to pay $500 to claim the package
- Bot 300 – members have to pay $300 to claim the package
Did you get the overall idea? No? Neither did we. There are some of the packages available for the costumers, they are defined with the prices, which are definitely above the average, but what is next, what is coming after that is very blurry, just like the pictures located on the webpage. This is rather sad.
Moreover, there is one more information regarding the broker. The daily fee, which is being paid directly to the broker is 2.5% of the total entries. If you consider how many people can proceed through the FXTradingcorp registration or make a deposit during the day and taking over 2.5% of their money, it sounds like a very good business. Maybe you should actually switch to thinking of switching to brokerage rather than trading. As far as it seems it is more profitable to collect fees, rather than to make money.
Binary Trading System
Basically, referrals making capital investments is the way of making money, because you will be paid 6% commissions. However, the percentage itself may increase in the case of reaching the upper levels of the system.
You will get paid 10% from the weaker leg, having the most volume. Nevertheless, the company has a weird restriction, not allowing its user base to earn more than $1000 in binary commissions. If you have at least once been part of the fraud, then the above-described situation should be considered as a red flag.
How the System Works
- Level 1 – Once you will be able to make more than $5,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 2 – Once you will be able to make more than $10,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 3 – Once you will be able to make more than $25,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 4 – Once you will be able to make more than $50,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 5 – Once you will be able to make more than $100,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 6 – Once you will be able to make more than $250,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 7 – Once you will be able to make more than $500,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 8 – Once you will be able to make more than $1,000,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 9 – Once you will be able to make more than $5,000,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
- Level 10 – Once you will be able to make more than $10,000,000 as an investment volume from the binary weaker leg, you will be rewarded the bonus on all levels.
There is a Binary daily limit. The limit on the Binary option is the package that you choose to trade with. If you choose the $5,000 package, this means that you can receive up to $5,000 on that day as well. Talking about the Binary system, it should be mentioned that the person should receive the additional 2% Residual FXTradingcorp bonus when reaching the upper levels in the system. You should also receive another 2%, once your career plan increases. Do not forget, that you can only make the upgrades, via paying for additional packages. This does not happen automatically, but the moment you pay, you are upgraded. So basically, you are buying yourself levels. There is also the restriction on that as well. If at some point your income becomes 200% of your package, you can no longer top up your account, what you have to do, is obviously buy another package or create another FXTradingcorp account.
Deposit and Withdrawals
If you thought that this is all, you are deeply mistaken. This is only the beginning. The FXTradingcorp minimum deposit is $300. This is not very much and especially comparing to other brokers requesting numbers with several more zeros, than the first deposit sound to be very valid. But now, think twice, what do you prefer, paying slightly more and working with the valid broker, or paying less and working with the invalid broker? I’d recommend you choose the first option, just in case.
There is no specific information on the website stating that thee minimum deposit if $300. The only information regarding the specific amount of money is within the BOT section. You get the information regarding the deposit and the minimum amount from the FAQ section. It is very surprising that the website has this section, though to be very honest, this is the best part of the whole website and the broker.
Even if you decided to trade with this broker, the main thing for you to consider is the FXTradingcorp withdrawal process and the opportunity to do so. Money withdrawal is something that needs to be taken care of. Many brokers try to trick you in words, via writing it all in between the rows. The thing with FXTRading Corp is that the broker does not even try to trick you. It is okay to have a minimum withdrawal term. Though, it is hardly ever as low as $50. This means that whether people are unable to make more with the broker or I don’t know what. Another thing is that even for this small amount, the withdrawal fee is 5%. This is something very uncommon. Usually, you will not see any withdrawal fees, unless your bank states so. But usually, people would choose the valid brokers as well.
Additional Facts and Figures
Below one of the sections, you will come across all of the information, which is unavailable on the rest of the page. This is the most important information, the person needs to know, but due to the poor arrangement and poor organization, most of the people might not even reach this bottom of the page. The broker holds the compensation program. This means that while trading with FXTradingcorp a daily gain of up to 2,5% will be paid within the 24 hour period to the person. This is up to $200. Did you expect something more? Well, imagine that 2,5% of the whole amount equals $200. This should not be this bad if only people were making money with this broker. All of the payments are done by 00:00, South Korean time.
What is very interesting is that you will not be able to find the support team on the page. While you will definitely be able to find the photos of the team, of the founder, investor, and co-founder there is no clear information about the support team and customer services. The worst thing is that there is no live chat available on the webpage. This is the most essential tool for every service. Especially, for the brokers, it is very important. Though, her you only have to write emails and wait for some mysterious people to ever answer back.
Another very strange thing, which I personally have never seen before is the recipes being uploaded on the webpage. The moment that broker realizes that there is a lack of reliability and trust from the consumers, the only way out they came up with, was uploading the withdrawal checks on the webpage. This is one of the strangest pages I have ever seen. And this is not all, none of the up to 10 recipes is above $900. This means that the withdrawals are simply fake, or proceeded by the team members. Or even if someone traded with the broker, they understood that there was no light at the end of the runner, and simply cashed out all they had.
All in all
FXTrading Corp is one of the few brokers, which will manage to surprise you and make you doublethink the decision of trading online at all. This broker literally spots the name of the broker in the market and has nothing to do with the development of the market. Just make it sure that you have enough money to spend them on air, before trading with FXTrading Corp.