The offshore Geneva, Switzerland situated FX broker TRUSTFX.IO offers more than five hundred assets. It is also believed to offer competitive leverage on four accounts based on MetaTrader and web platform. This all sounds lucrative but the broker in question is anonymous. For a better understanding, please read this potential scam broker review.
The major benefit of TRUSTFX.IO can be its comprehensive trading assets. These assets are distributed between 50 to 500+ depending upon initial deposits for each account. It also provides fifty-plus FX pairs including all major and minor. Also, CFDs on metals, natural resources, farm-produce, bonds, shares, 10 plus indexes, and several cryptos. The trading platform provided by TRUSTFX.IO is MetaTrader. But the catch here is, it is provided by Gelko Partners LTD, a third party. Gelko Partners LTD is situated in the Marshall Islands. There is a lack of information about the real owner of this broker on its domain. Here, the real question is, is the Gelko Partners LTD is its owner or just a service provider. But the Marshall Island-based nature of any partner is a fact of worry. It also features the unproven web trading terminal. Furthermore, we failed to find any registry evidence of TRUSTFX.IO in any EU based financial regulatory.
To open a basic account with this broker just requires $250. Many brokers in the market provide a basic account with the same minimum deposits. While surfing through its Terms and Conditions sections we found that this broker has a very unusual clause. It forces traders to claim their profits after 12 months. Isn’t it strange? It also provides traders with bonuses. These bonuses are controversial and banned in many controlled markets. These offered bonuses require a huge trading volume to withdraw.
The information on deposits and withdrawals is missing on its website. But when we tried to open the account it showed all the major payment methods available. Interestingly the major online payment provider the Skrill is absent. This absence is because Skrill has adopted an anti-scam policy in the recent past. With this, we can presume that TRUSTFX.IO is associated with some sort of scam. The TRUSTFX.IO also misleads its client by faking spreads provided. On its website, it mentions spreads of 0 pips but on checking on the real trading environment it appeared to be capped at 3 pips on euro/dollar FX pair. It also misleads traders on the leverage provided. The offering says leverage of 1:10 to 1:50. But in reality, it offers high leverage of 1:500.
Is TRUSTFX.IO scam or legit?
The TRUSTFX.IO wants to be anonymous. The information provided is not according to real trading conditions. This shows brokers misleading nature. Furthermore, we can not trace any licensing and regulation of this broker. In addition to this, the broker is offshore. Considering all these factors we keep this broker under the impression of a potential scam broker.
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