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TrustFX Review - is it scam or safe?

TrustFX review - Is trustfx.io scam or good forex broker?

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

RECOMMENDED FOREX BROKERS


TrustFX says to be a Geneva based forex and CFD broker, offering over 500 trading instruments with four account types, competitive leverage and a choice between a web based trading platform and the MetaTrader4.

 

Account type Min. deposit Max. leverage Spreads
Account Starting $250 1:10 3 pips, fixed
Account Development $2000 1:25 n/a
Account Progressive $5000 1:50 n/a
Investment Account $20 000 1:50 n/a

 

As good as all of that may sound, we should note that the website in question is virtually anonymous – we are not even talking about an offshore broker with dubious regulation. So if you consider investing your funds with TrustFX better read this review first.

 

TrustFX Advantages:

 

A comprehensive selection of trading instruments

 

We always try to start our reviews with any positive sides about the broker we investigate, so here that could be the comprehensive selection of trading instruments. 

 

In fact TrustFX says they offer between 50 and 500 trading instruments depending on the account type, so we decided to check what they have on their trading platform and we were not disappointed.

 

We counted over 50 currency pairs, many of which minor or exotic like USDHKD, USDSEK, USDNOK, USDSGD, USDHUF, USDPLN, USDCZK, USDZAR, USDMXN, USDTRY, USDCNH and USDRUB, as well as lots of CFDs on silver, gold, platinum, palladium, copper, oil, natural gas, sugar, cocoa, wheat, bonds, stocks, 14 indices and a number of crypto coins including Bitcoin, Ethereum, Dash, Litecoin, Ripple, Bitcoin Cash, Monero, Bitcoin Gold, IOTA, NEO, Zcahs, Cardano, NEM, Stellar, EOS, Tron, Ethereum Classic, Lisk, OmiseGO, Qutum and Dogecoin. Still, if you would like to trade crypto assets we would suggest that you do that with a licensed broker. Here you may check our link:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader4 supported

 

It is true that we were able to download MetaTrader4 from the TrustFX homepage, but it was delivered by a third party - Gelko Partners Ltd, which we found to be an offshore company based on the Marshall Islands. As we already mentioned, there is no information about the owner of  TrustFX on their homepage, so we are not sure if Gelko Partners Ltd is just a partner or is operating the broker in someway.

 

We will discuss the TrustFX credentials and regulatory status latter, so here we will just focus on the platform – MetaTrader4 is without a doubt the most popular trading platform on the market, featuring numerous market indicators and trading bots, that will help you run automated trading sessions. On top of that MT4 sports a fine set of advanced charting tools, so here you may also check our list of brokers, supporting the platform:

 

>>MT4 Brokers<<

 

And here is the TrustFX web based platform as well. Just bear in mind that such trading solutions can not be compared to MT4, if we are talking about functionality, reliability and speed. 

 

 

Acceptable minimum deposit requirement 

 

The minimum deposit requirement of just 250 USD for their opening account is basically in line with what most other brokers would also require. Still have in mind that some well known names on the forex market like FBS and IG do not have a minimum deposit requirement at all.

 

TrustFX Disadvantages:

 

Anonymous website no license

 

As we already noted the TrustFX website is completely anonymous. Even in their Client Agreement there is no information about the company that operates the broker. Otherwise we understand that one of their trading platforms is provided by a third party - Gelko Partners Ltd, which as we mentioned is based offshore on the Marshall Islands, and is equally anonymous as any one can open an offshore company on the Marshall Islands right here on the internet, without having ever to set a foot on that small Pacific atoll. 

 

In any case, because most probably here we are dealing with typical scammers our best advise is to trade only with brokers holding legit licenses by reliable institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

And besides with a FCA broker your funds will even be insured for up to 85 000 GBP, so here you may also check our list of brokers regulated there:

 

>>FCA Regulated Forex Brokers<<

 

Disturbing clause in the Client Agreement 

 

Going through their Terms and Conditions we came across a very unusual clause. TrustFX wants you to agree that you wave your right to have any claims against them after 12 months. See for yourself:

 

 

Trading bonuses

 

Trading bonuses are a highly controversial practice used predominantly by offshore and scam brokers, where seemingly attractive trading promotions are used as a pretext to refuse any withdraw requests. In general all trading bonuses come with strings attached – a minimum trade volume requirement, which in the case of TrustFX is 20 million USD for every 1000 USD accepted as a bonus. And the problem here is not just the trading volume, but the fact that scam brokers usually reserve the right to change the bonus conditions whenever they feel like to.

 

Skrill not accepted as payment method

 

There was no information about the payment methods on the TrustFX website, but as we proceed with our registration it turned out the broker accepts payments only with VISA and MasterCard and crypto coins like Bitcoin, Dash, Ethereum and Litecoin. 

 

Popular e-wallets like Neteller and Skrill are not accepted and that is notable especially since Skrill adopted their new anti – scam policy, according which they partner only with properly licensed brokers, at least when those brokers are targeting EU citizens. As we already noted TrustFX does not have a license whatsoever.

 

High Spreads

 

Although in their account description TrustFX boosts with spreads starting virtually from zero pips, when we checked their trading platform, the benchmark EURUSD spread was fixed at 3 pips, which is at least twice higher than the levels, traders usually would find attractive with a starting account. So here you may check our list of brokers offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

Confusing information about the maximum leverage allowed 

 

As advertised on their homepage  TrustFX says to be offering leverage of between 1:10 and 1:50 depending on the account type. When we proceeded to open a demo account however, we were offered leverage as high as 1:500, so here we do not know which information is correct. In any case you should use leverage with caution as it implies additional risk. 

 

Its not a surprise that in recent years the maximum leverage allowed on regulated markets like the EU and the U.S. was cut well below 1:100.

 

Conclusion:

 

To start with TrustFX is an anonymous website that lack credibility whatsoever. It is not licensed as it should be if they want to target customers on regulated markets like the EU, the U.S., Australia, Canada or Japan, so our best advise is to avoid such entities altogether and to trade only with brokers, soundly regulated by such respectable institutions like the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for TrustFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

Pros

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Scam

A scam company all together!
They refuse withdrawels from your account!

Ulf Burström 09/06/2019
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