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FxFWay Review - is it scam or safe?

FxFWay Review - is fxfway.com scam or good forex broker?

RATING: 1 / 25 REVIEWS FxFWay
FxFWay is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Min. trade size Maximum leverage Spread (& Commission)
Standard Not specified 0.1 1:500 2.4 pips + $30 /lot

 

FxFWay is a forex and CFD broker, which does not seem to offer different account types, so we filled the table above with the info we got from the demo MetaTrader4 account offered by the broker. Its website is pretty messy and clunky, but nonetheless we found some forex trading specifications:

 

 

We doubt that the broker offers all three trading platforms mentioned above, and besides the spreads specified on FxFWay’s website differ significantly from what we saw on its demo MT4 platform.

 

FxFWay Advantages

 

MetaTrader4 available

This platform doesn’t need introduction and we always consider its presence in a broker’s offering as an advantage. MT4 is easy to get started with, yet solid and professional trading platform. The charting is second to none, the analytical potential is almost endless, and users have a lot o customization options. Furthermore, the platform is extremely popular for its automated trading strategies, simply known as EAs.

 

Here is a screenshot of FxFWay’s demo MT4:

 

 

Click to zoom.

 

 

>>A list of MT4 brokers<<

 

 

High leverage

FxFWay is among the forex brokers offering some of the highest leverage levels on the market, up to 1:500. While this isn’t that much of an advantage, when compared to other factors, the risk-takers among you will probably enjoy this option. Yet, we would advise newbies to educate themselves about the risks involved with all margin trading before using high leverage ratios. 

 

FxFWay Disadvantages

 

No proper regulation, FCA warning

There are several companies behind the FxFWay brand: Fortune Way HK limited, FXFWay UK Limited, and Fortune Way Limited. However, none of them is properly regulated.

 

The broker claims to be licensed in Vanuatu, however, our search in the website of the Vanuatu Financial Services commission returned no results. Anyway, Vanuatu is an offshore zone where forex brokers actually are not regulated.

 

The broker also claims to be registered with the US National Futures Association (NFA) . We have checked the registers there and we did find the company listed, but there is a certain caveat that changes a lot. Fortune Way Limited is listed as an exempt commodity pool operator and a exempt commodity trading advisor, which in no way means it is a licensed forex broker under US regulation.

 

 

Furthermore, we found that the UK’s financial watchdog has warned that FxFWay targets UK clients and offers financial services or products in the United Kingdom without holding a license from the FCA.

 

 

High cost of trading

Typical spreads of FxFWay are 2.4 pips on EUR/USD, which is above the industry’s average of 1.0- 1.5 pips for this pair. On top of that, the broker charges a salty commission of $30 per standard lot, so average trading costs are around 5.4 pips on EUR/USD. This is indeed a very high cost of trading. For further information and comparison, check out our dedicated page:

 

 

>> Real-time spreads of top forex brokers compared <<

 

 

No information on initial deposit & payment methods

This is not a major disadvantage, yet (potential) clients of FxFWay have the right to know how much they need to invest in order to open a live trading account with this broker and whether they can used their preferred payment methods. Some traders prefer to send and receive money via PayPal, others via credit card, etc.

 

Not many financial instruments

FxFWay offers trading in 11 currency pairs, silver, gold, WTI spot oil, Brent (UK) spot oil, HK50 index and Bitcoin. We find this product portfolio quite limited, as most brokers offer much more forex pairs and CFDs (on indices, stocks, other cryptocurrencies). In case you are one of those investors who are into Bitcoin and altcoins, you may check out our list of tightly regulated brokers who offer such.

 

 

>> Reliable forex brokers offering Bitcoin trades <<

 

 

Conclusion

 

FxFWay is a forex and CFD broker that is not properly regulated and against whom the UK’s FCA has issued a warning. That is why we don’t recommend doing business with it, but nonetheless we listed some parts of FxFWay that we consider good.

 

It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC, Cyprus’ CySEC or UK’s FCA.

 

 

>> Check our list of FCA-regulated brokers <<

 

 

To sum up the pros and cons of FxFWay:

 

Pros Cons
MetaTrader4 available Not properly regulated
High leverage High cost of trading
  No info on the minimum deposit & payment methods
  Not many financial instruments

 

Latest news about FxFWay
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Traders` reviews for FxFWay

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

 

 

fxfway goldenday hkgoldencrown - China based scam

Hi, I have been investigating this for a while.
These criminals use Chinese banks and operate from mainland China. If you lost significant money: Request chargeback from the receiving bank AND send a complaint to China Securities Regulatory Commission (CSRC). CSRC seems to have enforcement. They show fax and email (consult AT csrc.gov.cn ) info on their web site. Try to send well structured documentation (if possible in Chinese) showing how much you lost and details of the suspects (WeChat IDs, WhatsApp numbers, IP addresses, etc ...)
Don't expect a quick answer. But the more people report to CSRC the better get the chances of CSRC becoming active. Also, cc your national regulatory organization and ask them for offical support.

Unlikely Buffalo 08/13/2019

JF Bullion/FxFWay

Toronto if you search for FxFWay on Facebook you will see a warning I posted under the same user name. You can connect via that link.

ostourer 03/27/2019

JF Bullion/FxFWay

I have been caught by a gold scam and based on some of the below readings maybe a bitcoin scam as well. Both allegedly based out of Hong Kong, but I am not so sure anymore. I have been working on these matters for six months now and accumulated a lot of intelligence. My own loss is in the 7 digits in USD.

I would be interested to speak/communicate with others in a similar situation. I have open files with the Hong Kong Police, China cybercrime unit, Canadian police, and the FBI.

I would like to share the knowledge acquired to help convict these people. This public platform is great but is limited to public humiliation and assisting us to locate other victims (fellow defrauded parties).

I would like to communicate directly with others and share details.

Toronto 03/26/2019

FxFway and Golden Day Profit Scammers

Since there are so many scammers active I started a database.
If you have been scammed or if you are about to be scammed please feel free to send me some details like social network ID, name and picture of the scammers involved. I will let you know if there is a match with other cases I am aware of.

Unlikely Buffalo 03/21/2019

gfspartner Is another variation of this scam

They reach out to you on dating sites and try to gain your trust. Then they manipulate the market with fake trades and promise you to get rich soon. They keep all of the money at the end. It's a complete rip-off and not a legitimate broker

Korean Citizens 03/13/2019

Fxfway Scam

Mark E Gregotski,

I think you got it all wrong.

There are no “Financial Advisors” in Fxfway. They are all scammers.
They manipulated their own “fake” markets and trades that look real using MT4 platform. You didn’t lose your money because they made a lousy trade without stop loss for you, you lose your money to a syndicate of scammers all out to scam your money!

Nat

Nat 03/10/2019

FxFWay = Golden Day Profit = Extreme Scam

Just face it. Nobody will ever need to pay taxes because nobody will ever withdraw any profits from these companies.
Anybody claiming the opposite is working for them and trying to attract new clients.

If you have been scammed either way bei FxFWay or Golden Day Profit please file an report Hongkong police, www.police.gov.hk/ppp_en/. They have an eReport Centre which is very convenient.

Describe what happened, which individuals were involved and how much you lost. This way your claims are at least recorded for day when their accounts get frozen.

Ratoha 03/01/2019

Please do not hesitate to fill a complain

Hi everyone,

Do not hesitate to fill a complain online to the HK Police departement center. I'm not sure i can post links here so just search "Hong Kong Police Force - e-Report Centre" in any search engine then select "Crime" then select "Report Cyber Crime" then continue the procedure.

A police agent will contact you by email to investigate your case. Profivde as much documents/proofs as possible.

The more we are the more chances we have to stop this scam and maybe (just maybe) to get our money back.

Bruno 02/28/2019

FxFWay is a scam

Hello,

FxFWay is a complete scam. Their financial advisers are inexperienced and have no concept of risk tolerance. They enter trades that don't have adequate stop levels and can easily lose all of your money in one trade. No recourse is available when they mismanage trades.
They offer no record of trades made for tax purposes.
Not a legitimate company. Total Scam.

Mark E Gregotski 02/26/2019

FxFWay = Golden Day Profit Scam

Fxfway appears to have incarnated into GoldendayProfit. If you look at their Facebook page you can see the pointers are to GoldendayProfit.

https://www.facebook.com/pg/MT4Bitcoin/about/?ref=page_internal

CONTACT INFO

Call +852 2853 7617

m.me/MT4Bitcoin

http://www.goldenday.hk/m
MORE INFO

About
offers Contracts for Difference (CFDs) on 6 asset classes, including forex, spot metals and spot energies. We provide our clients with access to top-tier liquidity and advanced trade execution with no-dealing-desk intervention.

Impressum
Golden Day Profit Kamyip Co., Ltd. is
authorized and regulated by the National Futures Association .(NFA ID:0517483)

Awards
Regulations:
GoldendayProfit;
NFA, registration no. 0517483

The Tourer 02/19/2019

Ripped off

SCAM SCAM SCAM . If you are reading this it’s too late. I was taken for US$50k on the promise of assisted trading with professional advice. Names that they use, Jack the senior advisor, Alisa the advisor and investment assistant .
Wechat:D_H_n856. = Alisa
Wechat: Xianggang-088 = Jack

This crowd operate under Fortuneway - FXFWay
Goldenday - yes this is part of the consortium.

This is a rip off scam!!!

Stephen 02/18/2019

FxFWay and Golden Day Profit are extreme SCAM

Both companies are extreme scam. They claim to be regulated by NFA. But these are all lies. FxFWay and Golden Day are NOT REGULATED. Anyone who has doubts about that statement should call or email NFA (www.nfa.futures.org).

If you feel you have been scammed by FxFWay or Golden Day Profit don't be embarrassed. At least file a complaint at SFC(sfc.hk) and at your national financial regulatory authority.

The more victims speak up the better are the chances that authorities will take action.

Ratoha 02/17/2019

Golden Day Profit Scam

This has scam written all over it.. I was conversing with an individual on wechat for about 3 or 4 months. During this time this person will get to know you on a personal level and befriend you, there will not be so much talk about money or investment. As the relationship builds slowly and when the 'Con artist' starts gaining your trust they will start to learn more about your financial situation. For example, your occupation and what kind of investments you are interested in. This is where they will discretely introduce you to futures bitcoin trading. After showing screenshots of how much money they are making and how the companies analysts is roughly 80% accurate in their trade advice, the friend will inttoduce you to the companies account manager who will open up a demo account for you. After using the demo account and following the trading advice you will notice huge profit and feel very enticed to open a real account. Especially when they tell you the demo account only lasts 5 days.These guys are professional scammers and super convincing and will make you feel guilty of doubting your trust in them if you ask too mamy questions or ask for validations. I was convinced to open a real account howeveer i didnt deposit any money except for $1500. I deposited this amount and told them i wanted to test the deposit and withdrawal process before i deposit a larger amount of money. My money was withdrawn from their account successfully buti believe that is only because they thought i would put more in. I strongly urge you not to deal with golden day profit, fxfway or fortune way.

Cel 01/24/2019

FxFWay Extreme Scam

Thanks for sharing this.
I have an indication that WING LUNG BANK knew something was wrong already in beginning of September. For anybody who used that bank afterwards there might be a case.
Please speak up

Ratoha 01/15/2019

FxFWay Extreme Scam

The only contacts I could find were:

[email protected]
[email protected]

I emailed them about account 60181169823 on 30/12/2018, but not through a lawyer - it would cost too much - that's what they are counting on - the cost of recovering the funds making it uneconomical to even try.

The Tourer 01/09/2019

FxFWay Extreme Scam

Tourer et all,
I also did some 'investment' through WING LUNG BANK.
Did you contact WING LUNG BANK yourself or through a lawyer? When?

Ratoha 01/08/2019

FxFWay Extreme Scam

Ratoha I experienced the second way they scam - "The analyst explicitly urges client to place order with high leverage and without S/L, Then the price jumps into the wrong direction - and the analyst is very sorry" - this was after I enquired about how to get my money out of the trading account - the analyst seemed desperate to get me to trade - after she told me how - it was almost like she realised she made a mistake telling me. Once she got me to trade my money was lost in a matter of minutes. I was told sorry - the market is very volatile - but deposit more funds to try and recover what was lost.

As soon as the analyst made me lose my money she was back on social media, weChat, trying the exact same scam - almost word for word on a fake account I created - she was using a different weChat ID though - so they must have multiple accounts they use - and their job is to get people to "invest" and make them lose their money.

The weChat ID's are:

W0225432
jichang057

I think we should make public all ID's so people can be aware of who they are dealing with.

I don't know if anyone was able to recover their funds. I wrote to WING LUNG BANK LTD, HONG KONG - not sure if this is the same bank others used to deposit funds into their trading account - I advised them that the fxfway bank account is being used to perpetrate a forex scam - and that the funds in the account should be frozen and returned to everyone who deposited funds into the account for the purpose of forex trading. They haven't responded to me.

I think goldenday.hk is the same as fxfway - I know someone who almost started trading with them but was alerted by the fxfway reviews. They use similar techniques.

The Tourer 01/03/2019

FxFWay Extreme Scam

I am personally aware of two accounts being scammed by FxFWay.
First:
They block and close account for obscure reason and don't respond anymore to client.
Second:
The analyst explicitly urges client to place order with high leverage and without S/L, Then the price jumps into the wrong direction -and the analyst is very sorry ... and of course very confident that he can make the money back...

I encourage everyone to share their experience. Together we have a chance.
Did anybody successfully reclaim his funds?

Recently FxFWay seems to cooperate closely with another Hong Kong based broker, goldenday.hk
Does anybody have experience with that one?

Ratoha 01/01/2019

FxFWay Extreme Scam

This is the worst thing I have ever experienced.
An attractive Chinese lady builds some kind of relationship with you over the internet. She shows you screenshots with large profits which she has made with BTCUSD. She encourages you to start an account and 'invest' and she introduces you to her 'analyst'. You get the impression that you can make a lot of money with a few short term trades per day.
It is so damn tempting and convincing. You kind of get addicted to the daily deal. You even ignore that what they present you as BTCUSD is only very weakly correlated with the charts at the common crypto exchanges. You see your account grow rapidly. The analyst is extremely precise. He pushes you to increase otherwise he wouldn't guide you anymore (and it is so volatile that it only works with guidance).
And then the freeze or close you account with an obscure reason and don't respond anymore.
It is a shame that this criminalorganization can still operate a bank account and a web site.
I live in a European country. I think I have enough information to identify some of them. I would be happy to support any legal action against them.

Ratoha 12/25/2018

FxFWay福威 / FxFWay UK Limited / Fortune Way HK Limited ---- SCAM

It is a SCAM. Do not deal with this company or any other unregulated companies.

The analyst assigned to assist me to trade Bitcoin was so accurate in his trade recommendations, so accurate it seemed their Bitcoin prices were fully manipulated by them. Their Bitcoin prices were so different from the market price. The difference was as huge as 1000-2000 points at times with sudden huge spike or decline in between for no reason as compared to market price. The analyst constantly ask me to top up more funds for bigger profits. He showed me other client's trading account with million dollars balance to convince me to top up.

Once I realized something was wrong, I tried to withdraw my funds but to no avail and my trading account was closed and my funds disappeared. Emails and messages to them were totally ignored.

For those who are residing in China, Hong Kong or UK, kindly make a police report like Bruno. We need law enforcements to deal with all these crooks from China.

Crook 1 - China Female Con Artist WeChat ID : hsmw0429
Crook 2 - China Male FXFWAY Manager WeChat ID : Win93762
Crook 3 - China Male FXFWAY Chief Analyst WeChat ID : whnyq8c

For others who got scam by this company, create a new post and share how you got scam and let more people know, to help others not fall into this scam.

Nat 12/19/2018

FxFWay Scam

I posted the initial review of fxfway a few months ago in the hope that people would see it and not fall victim to this scam, but it looks like the scammers are still able to convince people that they can make money from this scheme. Don't be fooled there are no profits to be made, there is no market trading, you are simply putting funds into their account that you will never get back. What trading/profits you are seeing is simply generated/manipulated by their trading platform (software). That's why initially you make some generous profits, because they have manipulated it this way, so you can keep depositing more funds. If they think you won't put any more money into trading account or are thinking of pulling out, they will either decimate your account with bad trades or stop you from getting your funds out or close your account. Since you are dealing with an unrelated "broker" you have no recourse against them to get your money back. Stay away from these crooks - they are Chinese scammers using clever and manipulate techniques to get you to "invest", all that will happen is that you will lose your money!!!

The Tourer 11/28/2018

FxFWay Scam

I deposited an amount of 24k USD into the trading account under the persuasion of a China guy and have been playing under his insider news claimed by him was from his uncle, I gained little profit from that. At one time, I tried to play it myself and lost it all my 24k USD capital. I was urged by him to get a bank loan of the equivalent amount to recover to my loss in a month of time. I couldn't afford to that so I transferred the last bit of my saving 2k USD into the trading account, the amount was not reflected in the metatrader 4 after 9 working days. I started to feel suspicious and emailed them, the reply was slow and repeatedly mentioned about the processing will take time. My total loss is 26k USD. I feel so sad to fall into this quick cash making trap and wiped out all my savings I have hard earned all the while. Soon I will make a Youtube video describing my this painful experience to serve as a life lesson to the people out there.

Pity guy 11/27/2018

FxFway SCAM

Do not deal with this company.

As explained by Bert, they will close your account when you try to withdraw and you will loose all your money.

I opened a case to the HK police department as well as SFC. I invite all of you to do the same.

Bruno 11/13/2018

FxFway scam

FxFway is a scam. I opened an account and made a small profit trading Bitcoin. When I tried to withdraw funds there was all sorts of excuses why I couldn't. After a bit of back and forth with "Steven" my account suddenly disappeared along with a bit over 10K usd. Take my advise... Don't

Bert Holliday 11/12/2018

FxFWay Scam

Beware of fxfawy. It's a scam. Do not deal with this company or anyone claiming to represent it. They will make contact using social media to befriend you and gain your trust. They will then encourage you to deposit funds into a trading account to trade under their guidance. After a few successful trades they will decimate your account with bad trades until you've lost all your equity.

The Tourer 08/13/2018
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