January 8, 2021

Private FX Review

Overview


The 21st century is filled with technologically dependent people. As the internet plays a huge role in the lives of the growing generation, most of the scams and crimes are also conducted online. The cybercriminals and online scammers will go to any extent to lure their innocent victims into their trap and steal all their valuable life savings. The trading and investment market is considered one of the riskiest markets out there due to a large number of scam brokers present. These spammers often go to any extend to convince you. Today we are going to review yet another broker for our readers to decide for themselves and save their money. Private FX is a company registered in Saint Vincent and the Grenadines. Despite this company’s claims to be regulated and the best in town, the company has been blacklisted by some of the regulatory authorities such as the Australian Securities and the investment commission also known as ASIC. Read the full Private FX review here.


About Private FX:


Upon researching about the company we found out that the website that Private FX provides has a MetaTrader 4 (MT4) as the trading platform. This seems to be the only positive thing about the broker company that we are reviewing today. We also must note that these certain only provide a desktop version of their website and not a mobile application. Private FX claims to offer a bonus of $100 to their new customers. Our readers must note and keep in their minds that a regulated broker that has a license approved by the regulatory authority of their respective country would never offer bonuses as it is not profitable at all. Scam brokers often do this to lure their customers by offering mouthwatering bonuses and unrealistic return rates. These scam brokers would start their day by calling innocent customers randomly and would go to any extent to convince the poor victims into depositing their whole life savings. They would lie about their companies authenticity and would also steal some credible company’s license. Once the innocent customer falls into their strategic trap and deposits money, these companies will spam him or her and coax them into depositing more and more money. The problem arises when the customer files for a withdrawal. Upon realizing that their plan would not work anymore, the scam broker will stop receiving their calls and provide nonsensical reasons for their withdrawal not getting approved. When the customer realizes that all of this is a trap and their life savings are lost, it will be too late.
Private FX offers several payment options through which their customers can make deposits, namely, Visa, master card, and electronic payment methods such as Yandex Money and Qiwi. However, we were not able to find or extract any information about these bank transfers. Private FX is an offshore broker which provides the final red flag for this company.
Any offshore zones such as Saint Vincent and the Grenadines, the Marshall Islands, etc. do not regulate trading.


Thus, a very common tactic that these scam brokers do adopt is to claim that they are registered in these offshore zones. We strictly recommend our readers to always invest or trade with companies that are regulated and have a license approved by the regulatory authority of the country.


Is Private FX a scam or legit?


Based on all our research, we conclude that Private FX is a complete scam. We strongly suggest our readers not get involved in any kind of trading or invest their money with this fraud broker.