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Concept4x Review - is it scam or safe?

Concept4x Review - is concept4x.com scam or good forex broker?

RATING: 1.2 / 1 REVIEWS Concept4x
Concept4x is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Trading account  Min. deposit Max. leverage  Spread
Basic  $250 N/A  N/A 
Silver  $1 000 N/A  N/A 
Gold  $5 000 N/A  N/A 
Platinum  $10 000 N/A  N/A 
Diamond  $20 000 N/A  N/A 
VIP  $50 000 N/A  N/A 

 

Concept4x is a forex and CFD broker supposedly based in Dominica. Its clients can choose from as many as six account types, however it is not clear whether and how the trading conditions on those accounts differ. On top of that, this broker does not hold a valid license, which is the main reason why we would not recommend it.

 

 

Concept4x Advantages

 

Platform not bad, seemingly tight spreads

The web-based platform used by Concept4x is simple, but yet the charting is quite good, powered by TradingView. Here is a preview:

 

 

Click to zoom in.

 

Although Concept4x has not indicated any reference spreads on its website, we saw the benchmark EUR/USD spread on its platform floating around 0.3 pips. This is a pretty low spread, and we suppose that some commission applies.

 

Rich product portfolio

Concept4x’s product portfolio covers different asset classes, including indices, commodities, many stocks and several of the most popular cryptocurrencies (BTC, LTC, and ETH). 

 

However, we always recommend our readers to trade only with reliable and regulated brokers. As Concept4x is not one of them, here is a list for those of you who are into cryptocurrencies:

 

 
>> Regulated Bitcoin forex brokers <<

 

 

Concept4x Disadvantages

 

Doesn’t have a license

Concept4x is allegedly owned and operated by AllGreen Capital Ltd, a company presumably situated and registered in the Commonwealth of Dominica. Companies operating out of Dominica are bound by certain international banking regulations, however, forex businesses are not regulated at this time.

 

This means that the broker Concept4x does not have a legit license to operate on regulated markets like the European Union, the US, Australia or Japan, so basically if this broker is targeting customers on those markets, they are doing this illegally.

 

Trading conditions not fully disclosed

The lack of clarity and transparency regarding a forex broker’s key trading conditions such as spreads, leverage levels, etc., always leaves a bad impression. Our experience shows that when such essential trading information is not available on the website of an unregulated broker, it is most likely a scam.

 

MetaTrader4 not supported

Although Concept4x’ web platform is not bad, it cannot be compared to the extremely popular MetaTrader 4 (MT4). The MT4 is ease of use, reliable, and offers top-tier charting with a lot of indicators and customization options. Besides, there are wide range of automated trading bots developed for it, which one can use for free, buy at the MQL marketplace or create by himself (those are known as Expert Advisors or simply EAs).

 

 

>> A list of MT4 brokers <<

 

 

Unfavorable clauses in the broker’s Terms and Conditions

We always read the Terms and Conditions and other documents presented by forex brokers, as sometimes there are some pretty nasty things written in small print. In the case of Concept4x, its clients, upon signing the user agreement, authorize the company to make withdrawals from their bank accounts on their behalf.

 

Click on the image to view larger.

 

This is a clear-cut sign that Concept4x is one of the many scams on the forex market, so you’d better avoid it.

 

 

Conclusion

 

Concept4x is one of the many unregulated investment intermediaries on the forex market. It does not appear different from all the rest shady forex brokers. Considering the lack of financial oversight, transparent pricing, as well as the clauses from its T&C we listed above, we can safely conclude that Concept4x is most likely involved in some sort of scam scheme.

 

As always, our best advice for investors looking for a reliable forex broker, is to select among those licensed by reputable financial agencies such as the Financial Conduct Authority (FCA) in the UK or ASIC in Australia, for example.

 

 

>> A list of brokers licensed by the UK’s FCA <<

 

 

 

To sum up the strong and weak sides of Concept4x:

 

Pros Cons
Platform not bad, seemingly tight spreads Not regulated
Rich product portfolio Trading conditions not fully disclosed
  Unfavorable clauses in the broker’s Terms and Conditions
  MT4 not supported

 

Latest news about Concept4x
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Traders` reviews for Concept4x

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Definitely A SCAM!!

They told me will guide me to do trading, however, never heard from them since i deposited the money to the broker

Tang 04/03/2019
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