True Forex Funds Scam – Get Your Money Back From TrueForexFunds.com (2024)

Are you eager to begin online trading? It does not matter how excited you are about the prospect; you should never be prepared to make any compromises. This means that when you have to open an account with an online broker, the decision should be made after careful contemplation. It is tempting to skip through the research process and just open an account with the first platform you find, but with scam brokers rife in the market, you have to play it smart. Otherwise, your trading journey will end before it starts. How can this True Forex Funds review help?

When you begin considering online brokers to use, it will quickly become apparent that many of them have similar offerings and features. This results in a lot of confusion because most people are unable to decide which broker they should prefer. You cannot possibly open an account on every platform that seems to be decent, but picking one is harder than you might assume. The important thing to remember is that appearances can be misleading. Just because a brokerage is telling you something does not make it true. Therefore, you have to do your homework and make sure you are not being fooled.

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It requires you to take a close look at a brokerage to ensure there are good reasons for you to choose it and not any to avoid it altogether. If you find reasons in the latter category, you can look for a different platform. It is going to happen in the case of True Forex Funds because even though it does a great job of presenting you the right appearance, it is just a ruse. Presented as a forex and CFD brokerage operating from Australia, it is promising a generous leverage and state-of-the-art trading platform.

You can access a variety of instruments at True Forex Funds and this makes it seem like a good package, but looking closely gives you numerous reasons to avoid it. Want to know them? You can check out some prominent ones as follows.

No licensing

If you check out even a handful of scam brokers that have conned people out of their money, you will notice that they have one thing in common; they operate without a license. It does not matter where they claim to operate from, none of them are licensed and regulated. It is not surprising because getting a license is not an easy process. It requires compliance with a horde of laws and regulations and there needs to be transparency that scams just cannot comply with because they are just interested in making some quick money rather than offering a service.

Hence, it is apparent that you should always stick to a licensed brokerage to stay safe. But, you will find that True Forex Funds does not belong in this category. It claims to be based in Australia, which means it should have a license from the Australian Securities and Investment Commission (ASIC). But, searching its name in the regulatory authority’s online register does not give any results. This indicates that the claim of operating from Australia is a blatant lie and this should be reason enough for you to avoid this brokerage.

But, it gets worse because when you are going through the True Forex Funds website, you will find that it also claims to be registered in Saint Vincent and the Grenadines. The offshore jurisdiction has a reputation of being a scam haven because its regulatory authorities do not oversee the forex market. It means that anyone can set up a company there and do anything without worrying about any accountability. No genuine company would be based in such a region because it will have no credibility, which means True Forex Funds has none either.

Trading platform issues

As you spend most of your time using the trading platform offered by the broker for online trading, you want it to be a good one. It should be easy to use and have all the important features and functionalities that can help you trade smoothly. You are promised a state-of-the-art trading platform at True Forex Funds and this may sound reassuring, but when you try to check it out, you will find a problem.

It turns out that True Forex Funds does not let you check out its trading platform before you have shared proof of ID and other sensitive information with it. While KYC (Know-Your-Customer) policies are the norm in the case of online brokers, none of the legitimate companies will ever try to force you to share details by blocking access to features.

Moreover, they will always let you check out their trading platform before you move ahead because their goal is to ensure their clients are satisfied with the offerings. The fact that True Forex Funds is not doing so shows that there is something fishy with its platform, so you do not want to use such a brokerage.

High leverage

The leverage offered by an online broker is an important trading condition that affects your flexibility. You want to be able to make big trades, even if you do not have a lot capital, because it means higher profits. Leverage lets you do that, but it can also magnify your losses. This has prompted regulatory authorities, like the ASIC, to cap the leverage that can be given to retail traders.

But, you will find that even though True Forex Funds claims to be based in Australia, it offers ratio as high as 1:200 that are beyond the 1:30 limit. This is another strong reason to avoid this brokerage.

No refunds

Last, but not the least, you should refrain from opening an account with True Forex Funds simply because it will not permit you to get a refund. The only deposit method it supports is crypto payments, which are irreversible. There are no chargebacks with crypto payments and they are also anonymous, which means that your money can just disappear and you will not be able to do anything about it.

Conclusion

These are quite strong reasons for anyone to avoid True Forex Funds as the brokerage to use for their trading journey. It is an obvious scam broker and should be avoided like the plague.

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