Introduction
EdealFX represents a Forex and CFD broker that has claimed to be open since 2016, providing trading services and advantageous trading conditions. At first glance, it looks pretty professional; however, there are a number of red flags that give us real doubts regarding the credibility of the broker. This is why traders should proceed with caution and potentially stay away completely, as regulators and traders have brought serious woes to the broker.
EdealFX Overview
- Company Name: EdealFX
- Website: https://edealfx.net/
- Address: NA
- Regulation Status: Not Regulated
- Operating Since: 2015
- Warned By: Financial Conduct Authority (United Kingdom)
FCA Warning and Regulator Issues
Perhaps the biggest issue EdealFX has is the warning from the UK Financial Conduct Authority (FCA). EdealFX claims that they are FCA regulated; however, the FCA states EdealFX is not authorized to provide financial services in the UK jurisdiction. A large discrepancy is an alarming sign for a trader considering opening an account. Any broker providing services without the appropriate regulatory standards poses an inherent danger to traders’ funds.
Company Background – Lack of Transparency
EdealFX trades through the entity Edeal Markets Ltd, but there is no information available on the identity of the owners or management team to allow users to understand the company’s ownership or management. Assertive brokers are normally open and willing to let the traders see their leadership and company structure to create a sense of trust. EdealFX does just the opposite, hiding behind limited information, making it impossible for traders to establish who is managing their money, which suggests the company may not be legitimate.
Trading Conditions and Risks
EdealFX claims to have attractive spreads and leverage options on its marketing materials. But according to user reviews, brokers regularly experienced withdrawal issues where clients would be delayed in selective withdrawals, had limits placed on their accounts, and could not receive any help because of a lack of customer support. Edeal FX is located in a number of high-risk jurisdictions. This includes financial sectors with little regulatory oversight, like Saint Vincent and the Grenadines, where these brokers can operate in relative anonymity. This means the users of the broker have no financial protection, compensation schemes, or dispute resolution processes when an event of fraud does occur.
Customer Complaints
There is an array of issues clients have highlighted about EdealFX on several forums and review sites:
- Withdrawals are denied or severely delayed
- Further verification requests are made repeatedly after deposits
- Support teams are uncontactable
- FCA Regulation is misrepresented
All of these complaints show the risk of trading with EdealFX.
EdealFX Scam Questions and Answers.
1. Is EdealFX regulated by the FCA?
No, the FCA warning states that EdealFX claims not to be authorized to give services in the UK.
2. Will you be able to withdraw from EdealFX?
Many did not receive withdrawals and were delayed to a point that it was dubious whether anyone could get their funds back.
3. Where is EdealFX based?
EdealFX claims to be based in the UK, but it is registered in offshore jurisdictions, including Saint Vincent and the Grenadines.
4. What makes EdealFX so risky?
It claims that we are regulated; yet it makes no claim, actually, provides no transparency, and after reading complaints from the clients, many lost money with this firm.
Been Misled by EdealFX ? We Can Help
If you have been a victim of EdealFX, you don’t have to remain silent. At BrokersReviewer.com, we target scam brokers and assist you in properly preventing them.
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- In-depth broker reviews explaining the risks cuntly
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Let’s expose the wrongdoers together and create a safer trading environment for all.
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