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FrankfurtFX Review 2021: Cloned Firm Dupes Victims

Jan 29, 2021 , ,
FrankfurtFX Review

This broker’s claims haven’t withstood the scrutiny of our FrankfurtFX review. The broker claims to have an FCA license and a long history providing forex and CFD trading. However, the FCA has brought to light that these claims are false, and their credentials belong to another broker altogether.

Severe Warning From the FCA

Similar to fellow CFD and forex broker Capital Markets Banc, FrankfurtFX is the subject of a warning from the FCA. However, this warning isn’t just about a lack of regulation. The FCA has issued a statement warning that FrankfurtFX is a cloned firm. This means that, in addition to being unregulated, the broker is copying a legitimate broker’s credentials to fool potential clients.

FrankfurtFX Review 2021

FrankfurtFX Review Reveals Robo-Trading Promises Can’t Deliver

Furthermore, our FrankfurtFX review found the broker to be advertising their services using a common tactic to draw in inexperienced traders. They claim to offer automatic trading, promising traders big returns with no effort. Unfortunately, their claims are hugely exaggerated. Anyone who leaves their funds in the hands of their trading robots exposes themselves to massive risk.

Trading With FrankfurtFX

At any rate, beyond their shady recruitment tactics, the broker’s offerings are largely mediocre. They have a decent selection of currency pairs, but the selection falls apart on CFDs. Their traders have access to MetaTrader 4, identically to most other brokers. While a deposit of $250 opens the door to their basic account, higher deposits are needed to unlock the higher accounts’ better spreads.

Recover Your Capital Today

Cloned firms pose a unique threat to traders. These brokers can even fool traders who take the time to verify regulator licenses. Regulator warnings can save some, but not all, of these traders. For those that have lost their funds, we’re here to help. Contact us now to explore your refund options.