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Thegreenfx.com Review: 3 Reasons Why TheGreenFx is a Scam Forex Trading
TheGreenFx Review: Scam or Legit Forex trading? Read our reviews to see what experts have to say about TheGreenFx Forex Trade.
This website promises to grow your money. Is Thegreenfx.com a reliable forex trade another scam in the block? You may have come across many systems on the internet promising you quick fortunes, the truth is that majority of them turn out to be scams.
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In this review, we provide you information based on our investigations and user experiences to help guide you make the proper decision.
What Is TheGreenFX- Should You Trust This Trading Platform?
According to the information on their home page, they offer fast, responsive, and secure trading services to anyone who signs up. With promise of having nice spreads and interbank execution, users are signing up without a second thought.. Our readers have sent us countless messages about Thegreenfx.com, as a result of this we decided to do an indepth investigation on TheGreen Fx Forex Trading.
Thegreenfx.com Scam Review: Disturbing Things Found
Though this site might appear legit to a newbie, the truth is that it is not worth the hype, it is designed in such a way to convince unsuspecting investors. It takes the format of other scam platforms called investlead that duped a lot of investors few months ago. When we went underground to find out those behind this platform, we couldn’t come up with anything tangible.
Why spend your time on dubious platforms like this when there are other legitimate and sustainable ways of making money?
Five Reasons Why Thegreenfx.com is The New Scam Around The Block
- According to what is written on their platform, The Green Trade Holding Limited owns the platform. They also state that they are based at Marshall Island. This is the first alarm, and enough reason to make you run as fast as your legs can carry you. As it simply means they are not licensed. Also, it is no news that Marshal Island is a haven for online scam platforms. Any platform from this area should be treated with caution.
- They are quite an anonymous lots. No one knows the names of the brokers who claim to be associated with this platform. Also, there are a lot of complaints from customers. No member has come out with evidence of ever withdrawing funds with this platform
- They provide this number-MH 96960 as their registration number. However, the truth is that most offshore brokers use this number. Thus, with their registration number associated with offshore scam platforms, TheGreenFX is certainly not licensed.
Is Thegreenfx.com Scam or Legitimate Forex?
Though they provide a registration certificate, don’t be deceived, anybody could get a sham address and certificate most especially from the Company House in UK which most of them use, for just £5. These companies claiming to be located in the UK or similar countries like the USA are not in actual sense located there.
However, Sometimes these platforms might pose as an investment platform, doubler platform or even a mining platform. Often times they might run an ads through the google ads academy or even get a youtube ads making them look legit. But the truth is that they do not have the equipment that make them what they claim to be. Rather what they do is circle the funds of investors, and when they have made a lot of unsuspecting investors trust them, they stop paying.
The truth is that, Thegreenfx.com is simply a well disguised scam. Why waste your time with them when we have trusted brokers that would swiftly reply your mails, and be there to guide you through trading.
Thegreenfx.com is an Untrustworthy Forex Platform
How To Know Investments Scam Formats
It is true that most of this high yield investment platforms look like the real deal, thus confusing us.However, there are various ways to find out if an investment platform is a lackluster HYIP or if it a trusted investment platform. Below are ways you could find out-
- ROI- The returns offered. Are they sustainable? Can the funds be shuffled round and get to every investor? are the offers realizable?
- History- Does the platform have a history? Can the company behind it be found online?
- Transaparent– How transparent is the information on the website?
- Contact– Can you reach them? Is the address made available on the platform?
Everyday we get complaints of people been scammed. Most people fall for these schemes because of the sweet promises of making huge profits within a short time. .On a serious note, legit systems exists but scams are very very numerous. So you need a guide to help you make a good decision. We have made it our duty, by exposing scams.
They are lots of online investment opportunities which could fetch you money and give you a good Return On Investment. We constantly search them out to guide our readers so they don’t fall for scams. Always feel free to interact with us in the comment section.
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TheGreenFX review – 5 things you should know about thegreenfx.com
Beware! TheGreenFX is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TheGreenFX is an interesting looking broker that offers some seemingly reasonable trading terms, with a leverage capped at 1:500, and an average EUR/USD spread of 1.5 pips which is just about the most common cost of trade in the industry. The broker offers the everlasting MT4 trading terminal.
THEGREENFX REGULATION AND SAFETY OF FUNDS
The footer claims that the holding company, Green Trade Holding Limited is located in the Marshall Islands, a location known for its affiliation with suspicious brokers, most of which offer shady trading trading conditions. The crucial thing to note here is that the Marshall Islands have no financial regulator, which immediately renders TheGreenFX an UNREGULATED broker, which is a total risk for any trader that wishes to invest any capital. The fact that a brokerage firm is registered somewhere does not mean that is holds a license from that particular place. With no license TheGreenFX can say what it wishes, meaning that it can easily trick users into believing false claims, which in turn open them for the forthcoming scammer schemes. And even though TheGreenFX shows some promise, because of the lack of a license we cannot in any way recommend it.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
THEGREENFX TRADING SOFTWARE
We used a web version of the MT4. Users can also download the full desktop trading platform that is far more superior to its browser counterpart. Nevertheless, the MT4 is abundant in trading options that accommodate all of the trader’s needs: Expert Advisors, one click trading, multiple order types, superior chart management and customizable trading indicators (and many more). The platform also allows for VPS’s, letting the auto trading bots to trade without worrying that their job will be interrupted by a power failure or net crash.
Accounts are burdened with commissions. The STP account has a commission of $3 per lot (100k units), the ECN has a tax of $1 per lot, and the Crypto account type takes a 0.2% fee.
THEGREENFX DEPOSIT/WITHDRAW METHODS AND FEES
According to the client portal the ways to deposit funds are as follows: Credit/Debit card, UPay, Payeer, Qiwi, Blockchain, and Money Box. The minimum deposit is $50. Withdrawals are done via the same methods that deposits are made through. However, there is no mention of deposit or withdrawal fees anywhere on the website. The lack of info does not mean that the broker is not capable of launching incoming fees; it it unregulated after all, meaning that it can do as it wishes.
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.
TheGreenFX Review – Keep Your Investments Away From This Scam!
TheGreenFX Broker Score
- Trading Platform
Scams like TheGreenFX can be very hard to identify because they have done a wonderful job at presenting themselves.
Forex trading is a risky and serious financial endeavor, one which can be very rewarding if you are smart enough to use some cautionary measures. Just like it can earn you a fortune, it can also lead to significant losses, if you are not careful. This means that you have to ensure everything is under your control and you are not making any decisions without doing your due diligence. If you don’t do so, your financial security will be undermined and you will be worse off. Is that what you want? Of course not. One of the most important decisions that you have to make is choosing the right broker.
| ✔ 86% Declared Win-rate
✔ $250 Deposit
✔ Accepts Credit Card
|Trade Now Read Review|
There is a myriad of Forex brokers to be found, which makes it difficult to find one with legitimate market signals and conditions and is also licensed and regulated. Many people don’t know how to go about it and so they choose the wrong broker, which can set them back significantly. One broker that you need to avoid for keeping your investment safe is TheGreenFX. This is an offshore broker that boasts the popular MetaTrader4 platform and claims to offer a total of four account types, along with a swap-free account for Muslim investors.
If this broker is a scam, why do people choose it for trading? This is mostly because there are certain features of the broker that can be very attractive and cloud judgements. Some of these features of TheGreenFX are:
The chance of trading on MetaTrader4
One of the easiest ways of spotting a scam broker is the lack of the MT4 platform. But, when it comes to TheGreenFX, you can trade through the industry leading software, MetaTrader4. Since this platform has gained a lot of attention and praise for its top notch professional features and tools, reliability and ease of use, many people think that any broker offering this option is a reliable one. The MT4 also comes with an excellent charting package that includes a variety of technical indicators and you can also come across a plethora of automated trading robots (EAs). The issue is that two thirds of all forex brokers in the market offer this trading platform, which means you can certainly find a number of other brokers who are providing it instead of signing up with TheGreenFX.
High leverage and reasonable deposit requirements
The initial deposit requirement by TheGreenFX is just $100, which may not be the lowest in the market, but it is certainly not the highest either. This works in favor of the broker because anyone who has made up their mind about to trade don’t have a problem in investing this much. Another feature that could be seen as a possible advantage is that the broker offers high leverage ratios. They can go as high as 1:500, which will work for traders with different preferences. Nonetheless, it should not be forgotten that leverage is a double-edged sword, which means that it can amplify both profits and losses. If you use excessive leverage, your winning trades will be set off by losing ones.
Some people may see these as good reasons to sign up with TheGreenFX, but there are many reasons to avoid the broker and they are much more convincing. The top ones are highlighted below:
It is an offshore broker
According to TheGreenFX, it is owned and operated by a company called Green Trade Holdings Limited. This company is registered in the Marshall Islands, which fall in an offshore zone where no licenses are issued to forex brokers and there is no oversight by any government agency either. This means that anyone who chooses TheGreenFX or any other offshore broker will be subjected to different kinds of risks, the most prominent one being losing your whole investment to scammers.
The demo spreads are not the same as the actual ones
If you go through the information that TheGreenFX has provided on its website, you will find out that spreads offered by the broker are as low as 0.5 pips for the popular EUR/USD pair. There is a small amount of commission also applicable. When combined, this comes off as attractive pricing. This may convince you to choose the broker for your trading needs, but when you do open an account with them, you will realize things are really different. This will show you that the actual EUR/USD spreads that the broker offers are close to 1.9 pips and no commission is charged. These inconsistencies are worrisome because they indicate that the broker is not transparent and clear about their trading costs and is misleading its traders.
You will find limited CFD offering
When you have decided to trade in the market, you would want to diversify as much as possible because it can help in balancing your risks. Here again, TheGreenFX is misleading because it claims to offer you a lot more than it really does. According to their website, they offer more than 140 financial instruments, but when you start trading, you will notice that there are only 20 plus forex currency pairs that you can trade, and a handful of silver and gold via its demo MT4 platform. This means that you will miss out on the opportunity of trading cryptocurrencies, stocks as well as indices CFDs.
Scams like TheGreenFX can be very hard to identify because they have done a wonderful job at presenting themselves. It cannot be denied that the broker has some strong aspects that give it some edge, but these pros are heavily overshadowed by the fact that it is an unregulated one. If it is committed to providing financial services, it should have gone through the effort of registering itself. Not only does it not have a legitimate license, TheGreenFX is also not transparent about its costs. As a matter of fact, it seems to be misleading people about the costs so it is best to look for a different broker, preferably one that’s regulated by a renowned entity.
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