Introduction to FXPN Review:
The financial market welcomes hundreds of traders every day. With a variety of tradable assets and offers specific to the brokerage firm, the market really is a plethora of options to choose from to earn profits on the side. Now, as we all know, profits in a market attract scammers. As a result, thousands of scammers entered the market pretending to be regulated and legitimate brokerage firms. With names similar to regulated brokerage firms, these scammers contacted potential customers and lured them into investing with their company using a number of techniques such as high leverages and guaranteed profits. Are you also scared to trade with FXPN? Don’t worry, read this FXPN review and see all the red flags raised for the broker.
Minimum Initial Deposit: $500
Prohibited Countries: USA
In this section, we will be discussing all the red flags raised against FXPN that point us to the truth of the fxpn.eu scam.
FXPN’s SUSPICIOUS REGULATION
One of the most doubtful red flags in this review is regarding the regulation of FXPN. Upon checking the website of FXPN, we found out that FXPN is actually regulated by the Cyprus Securities and Exchange Commission or the CySEC of Cyprus. This is certainly strange as we found out that a lot of brokerage firms that are regulated by the CySEC faced backlash from the public that accused these firms of being a scam. Read on to know what other red flags are raised against the FXPN scam.
HIGH MINIMUM INITIAL DEPOSIT DEMANDED
The regulated brokerage firms demand a minimum initial deposit usually below $10 as many regulatory authorities advise against asking for huge deposits. This is where a red flag is raised against FXPN as despite being regulated by the CySEC, FXPN does not comply with this rule and demands a minimum initial deposit of $500. This is almost as much as 50 times higher than the normal minimum initial deposit.
HIGH LEVERAGE OFFERED
Even though CySEC has set a limit on the leverage that can be offered by the brokerage firms under them at 1:30, FXPN offers leverage up to 1:500 to their professional traders. This is huge leverage and can put direct risk on the traders which can cause them to lose the trade and in that process, their money as well.
Conclusion: Is FXPN a scam broker or a legitimate one?
To sum up, all that has been stated above, we leave it upon you to decide whether FXPN is a scam broker or not. However, we must warn you that FXPN is a potential scam broker based on all the red flags. If you are a victim of FXPN scam or any other scam broker, just fill out the form given above and file a complaint with us. We will get back to you at the earliest with the best solutions for your fund recovery process.
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