On the internet, you can find many reviews about the broker FxRevenues, with an average rating above 4 points. However, do not rush to think of the platform as a safe place for trading. First, it is necessary to find out whether the company is reliable and legal, as purchasing reviews is quite easy. The firm discloses almost no information about itself except for offshore registration in Saint Vincent and the Grenadines. Therefore, so far, this all looks like another scam. This is what we need to prove.
Table of Contents
|St. Vincent and the Grenadines
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Fxrevenues.com
The official website is designed in red and white tones, with inserted pictures of robot hands, clearly hinting at artificial intelligence, but how does this relate to trading? FxRevenues talks about its advantages and merits but without evidence, so it is not recommended to take their word for it.
The site is translated into several languages: Arabic, Turkish, Portuguese, Azerbaijani, and others. Visitors can learn about the assets available for trading, tariff plans, available opportunities, and other data. It should be noted that FxRevenues does not reveal anything about itself. Nothing is known about licenses, business model, or period of operation.
Partnership and Bonuses
FxRevenues does not talk about an affiliate program, but in the account registration form, you can notice a field for entering a promo code. Something tells us that this relates to a referral program. However, it is impossible to assess how favorable the cooperation conditions are, as they are simply unknown.
The company may occasionally offer bonus promotions. These bonuses are provided by the broker under certain conditions, which are not disclosed. FxRevenues merely states that it is impossible to withdraw bonus funds and profits obtained with their help prematurely; certain conditions must be met.
Account Opening on Fxrevenues.com
For a more detailed examination of the company, we need to register an account. This will allow us to review the client portal interface and the trading platform, and possibly find certain pros or cons.
Account creation in FxRevenues is divided into three steps:
- Personal data. The client needs to provide their name, email, phone number, and date of birth.
- Address. The exact residence address, including city, street, house number, and postal code.
- Additional information. Promo code, CPF number, and choose a currency (USD, EUR, GBP, AUD, THB, or KZT).
FxRevenues also requires agreeing to the terms. Meanwhile, the user must be over 18 years old and not a US citizen.
However, the registration process ends there. After entering all the data, an error message appears: “Request Failed!” The problem is unknown. We even tried different data types: country, phone number, etc. Nothing solved the issue. Are FxRevenues aware of this error? We are sure they are, but they do not want to solve it. Likely, this is done so that people themselves contact the managers, who will gladly try to scam users out of money.
The official website of the company has a KYC and AML document that details the verification process, why it is necessary, and who requires it. In short, FxRevenues requires its clients to provide a set of documents that confirm their identity and residence address. Additionally, if a trader uses a bank card for depositing, it is necessary to confirm that it is indeed their card and not someone else’s.
The firm promises to check the verification within 24-48 hours. Meanwhile, documents are accepted either by email or in the personal account.
- There is a document detailing KYC.
- Requires a photo of the bank card.
The broker describes its trading terminal in the “Platform” section on the official website. There, one can see the subsection “FxRevenues trader”, suggesting that the software of their own development is offered here, but this subsection does not open, so it is impossible to study the information. Accessing the WebTrader is also not possible without an account. And how can you register it if the system gives an error? It results in a vicious circle.
Only the “Trading apps” subsection provides some information about the platform. The terminal is available not only for PCs but also for Android/iOS smartphones, but only registered users can download the app. Therefore, it is not at all certain that the platform is indeed available on mobile phones. Brokerage firms love to lie and provide false information, and FxRevenues might do the same.
If the description is to be believed, the terminal supports 9 timeframes, all types of orders, news, notification system, and technical analysis. Also, clients can install advisors for automatic trading. However, whether this is true or not, we do not know because you cannot register an account. We have to take FxRevenues’s word for it.
How Can I Trade With FxRevenues?
Traders have access to more than 1,500 assets of various classes: forex, metals, indices, stocks, commodities, and cryptocurrencies. Clients can also use leverage, but no more than 1:200, and the commission is zero, which sounds quite strange since this is the main source of earnings for any broker.
All Info About Accounts
Many brokerage firms offering CFD trading follow the approach of dividing tariff plans into several options with different minimum deposits. Unfortunately, such brokers often turn out to be fraudulent and secretive. FxRevenues is no exception, thus they also offer six types of accounts:
- Registration. The minimum deposit is $250. Clients receive secure ordering, responsive support, education tools, basic training, and an educational session with a mentor.
- Beginners. At least $2,500. Services added include a dedicated mentor, basic strategies session, and full training.
- Intermediate. From $20,000 and more. An Islamic account and educational courses on the commodity market.
- Advanced. The minimum deposit is $50,000. Basic market events and courses on currency pairs.
- Professional. From $100,000. Extra market events, private strategy, and training on indices.
- Premium. Cryptocurrency and stocks courses are open, as well as private strategy and premium markets events.
Leverage of 1:200 appears as a clear violation of the requirements set by many serious regulators, hence it’s the first hint at the absence of a license for FxRevenues. The zero commission and hidden spreads are also concerning. If traders are not required to pay a commission, the spreads must be huge. Therefore, we cannot determine whether it is profitable to trade here or not.
An Islamic account is only available with a deposit of $20,000, although such an option should be open to all clients. A demo account is not offered; it is not even mentioned on the site. Meanwhile, a minimum deposit of $250 is relatively high. After all, most popular brokers have long removed the minimum thresholds for replenishment. In general, FxRevenues looks secretive, and the known trading conditions are similar to those we are accustomed to seeing at illegal firms.
- Zero fees.
- No Islamic account and no demo.
- Spreads are unknown.
- $250 is a high minimum deposit.
Market Analysis and Education With Fxrevenues.com
FxRevenues offers a variety of additional functionality. Probably, it is the only plus that we have found at this broker so far. Clients can use pivot and Fibonacci calculators, an economic calendar, a currency converter, market news, a glossary, electronic books, videos, and market watch. In addition to this, assets expire and trading hours are available.
Deposit, Withdrawal, and Fees
Replenishing the balance and withdrawing funds in FxRevenues can be done using bank wire transfers, cryptocurrency, and credit/debit cards. When transferring money using cryptocurrency, it is important to remember that transactions cannot be canceled, nor can chargebacks be received. Also, digital currency allows not disclosing the real name of the payment recipient. So, this carries certain risks.
FxRevenues does not disclose details regarding commissions, so it can be assumed that they are zero. Moreover, the firm promises to process withdrawal requests up to 5 working days. Compared to other companies, the processing time here is quite long.
|RGN Financial Planning Ltd
How Can I Contact It?
FxRevenues offers email and telephone as communication methods. Users can also contact technical support through online chat and submit a feedback request through a special form.
The phone number listed on the site was also found at broker VHNX. This is the legal entity listed in the footer. Here arises a very serious question: “Are VHNX and FxRevenues somehow affiliated or not?”. This is what we will find out further.
- There are basic ways to get in touch with managers.
- The social media logos are listed on the website, but the accounts are not there.
Is FxRevenues Dangerous?
So far, we cannot say anything good about the broker. Although we suspect that the firm might be operating illegally and dishonestly, we still need to find solid arguments in favor of this. Therefore, next, we will look into when FxRevenues started its operations and whether it has any licenses at all.
How Long Does The Broker
The specific date of establishment is not mentioned on the official website, but awards received in 2021 and 2022 are displayed on the homepage. Unfortunately, there is no confirmation for this, and anyone can draw themselves any prizes and awards. A few dozen reviews can be found online, some of which are dated to 2022. The domain of the official website was registered on April 5, 2022. Therefore, it is quite likely that FxRevenues began operating in 2022. This is a short period of operation, but not too short, as almost 2 years have passed since the launch.
How Is FxRevenues Regulated?
The site is owned and managed by VHNX Ltd. This organization is registered in Saint Vincent and the Grenadines and also has its website, vhnx.com. However, it is not as interesting as other information. We decided to check if such a firm really exists in the SVGFSA. As it turns out, there is no such broker. Does this mean they are indicating a non-existent legal entity? It can only be seen as a negative factor. Therefore, FxRevenues is conducting illegal activities, and it is even unknown whether the company is actually registered or not.
Frequently Asked Questions (FAQ)
It’s unclear how these scammers lure traders into their fake brokerage trap. There’s no license, the legal address is fake, and the trading conditions are unfit for normal trading. Apparently, fraudsters attract clients with fake positive reviews. There are many positive comments about FxRevenues online, but they should not be trusted. Buying fake reviews is easy and cheap. Illegal platforms love to use such black PR, but the fact remains – no license, no registration documents, hence no security or reliability guarantees. Therefore, it’s not worth risking your money for nothing.