Before you’re considering trading with JX-ftwd, it’s important to read our review first.
We want to clarify that this is a review of jxftwd.com specifically.
Table of Contents
Review: Is JX-ftwd a Legitimate Trading Platform?
Is JX-FTWD a legitimate broker? Unfortunately, after looking at their website, we learned that they are not subject to any governmental regulation. This is a major red flag, as it means that customers are not protected, and there is a high likelihood that they could abscond with your hard-earned money without any repercussions.
Unregulated Forex Brokers and Their Deceptive Schemes: What You Need to Know
The operation of these scams typically follows a pattern commonly observed among unregulated Forex brokers. Their approach involves contacting potential investors and employing various tactics to persuade them to make an initial deposit. These brokers may entice prospective clients with offers that appear exceptionally attractive, such as promises of doubling the initial deposit or achieving substantial daily earnings effortlessly. It is crucial not to fall for these deceptive tactics.
Once the initial deposit is made, clients are often handed over to a retention agent, whose objective is to solicit additional funds. This agent will employ various persuasive techniques to extract more money from the clients. It is important to be aware of these unethical practices and avoid becoming a victim of these scams.
Common Strategies Used by Retention Agents
In known forex and Crypto-currency broker scams, “retention agents” employ various strategies to convince clients to provide additional funds.
Some common tactics include:
- Building Trust: Retention agents often try to establish a rapport with clients, gaining their trust by offering personalized attention and appearing sympathetic to their financial goals and concerns.
- Manipulative Techniques: Agents may use high-pressure sales tactics, emotional manipulation, or fear of missing out (FOMO) to create a sense of urgency and push clients into making impulsive decisions to invest more funds.
- Promise of Higher Returns: They may make enticing promises of even higher returns on invested funds, appealing to clients’ desire for quick and substantial profits. These promises may be unrealistic or misleading.
- Upselling Investment Opportunities: Retention agents may present new investment opportunities or exclusive products that require additional funds to access. These opportunities are often presented as limited-time offers or exclusive deals.
- Account Monitoring and False Information: Agents may provide misleading account updates or present false information about market trends, creating a sense of urgency for clients to invest more funds to avoid potential losses.
- Personal Relationships: In some cases, agents may try to establish a personal connection with clients, often posing as “friends” or “mentors,” to exploit their trust and manipulate them into providing more funds.
Beware of JX-ftwd fake positive reviews
It is important to be careful when you find good reviews of JX-ftwd online. The reason is that some companies pay people to write positive feedback on popular review websites like Trustpilot, Reviews.io, Sitejabber. So, you might not be able to trust those reviews completely.
Withdrawing funds from JX-ftwd
Should you choose to invest with JX-ftwd, prompt submission of a withdrawal request is imperative. Nonetheless, it is important to understand that withdrawing funds from an unregulated broker can be challenging. Such brokers may intentionally prolong the process for a considerable length of time, rendering it difficult to receive the funds. In certain situations, if the delay exceeds six months, you may not be able to file for a chargeback and consequently recover your investment.
What should you do if you’ve been scammed?
If you have invested with JX-ftwd but the company refuses to return your money, there are a few steps you can take. Firstly, it is important to keep all emails and correspondence as evidence of your attempts to recover your losses. It is advisable to consider performing a chargeback through your bank or credit card provider. This option is the simplest way to reclaim your funds and can potentially harm the broker’s relationship with payment service providers.
However, if you wire money to the broker, you cannot perform a chargeback. In this scenario, it is recommended that you threaten to file a complaint with regulatory authorities against the company. You may also prepare a letter or email to the regulatory agencies for forex brokers in your country.
Leaving poor feedback on other websites can be useful in warning others about the malpractices conducted by JX-ftwd. If you have experienced any losses due to their unethical conduct, please share your honest reviews on this website. Additionally, if you receive any communication from the broker using a new website, please inform us at firstname.lastname@example.org.
Please note that JX-ftwd has artificially boosted its reputation with fake positive reviews on platforms like Trustpilot. They have paid for positive reviews, similar to any other unregulated forex trading platform. It is therefore imperative to be vigilant and conduct thorough research before investing your money.
In addition to the information stated above, it is important to acknowledge that scammers, such as JX-ftwd , are increasingly advanced in their fraudulent schemes. It can be challenging to recognize a deceitful forex broker in the initial stages. Consequently, it is crucial to equip yourself with the knowledge to identify scams and always conduct due diligence before committing any investments.
Their goal is the same as that of Otet Markets to rob you blind and vanish into thin air!
Certain warning signs that may indicate fraudulent behavior include unrealistic promises of exceptional returns with minimal effort, unnecessary pressure to invest swiftly, and engagement with unregulated or offshore brokers. Additionally, it’s crucial to be wary of unsolicited phone calls or emails from brokers because scammers frequently use these as a tactic to lure unwary victims.
For novices in forex trading, starting with a reputable and regulated broker is an excellent approach. Using a demo account to practice trading skills before investing actual money is also advisable. Additionally, acquainting oneself with Forex trading strategies and market analysis can enhance prospects for success.
It is essential to remember that the Forex market is highly volatile, and there are no guarantees when it comes to trading. It is imperative to invest prudently and avoid the risk of losing more than you can afford.
Description: JX-FTWD, is unregulated broker with multiple scam reports of not approving withdrawals.
Price range: $250 - $10,000
Payment accepted: Credit Card, Bank Transfer, Bitcoin
Currencies accepted: USD, AUD, GBP, EUR