FXCess Exposed: Key Warning Signs of a Forex Scam

The forex trading industry is full of brokers offering various incentives and features to attract traders. Among these, FXCess targets unsuspecting individuals with its bold claims and promotional offers. A closer examination reveals serious issues that potential clients should know. From delayed withdrawals and unresponsive customer service to questionable regulatory status, FXCess exhibits red flags that raise concerns about its legitimacy. This article thoroughly explores these issues, providing critical insights into why traders should cautiously approach FXCess.

FXCess: A Detailed Look at Their Claims and Services

FXCess, a trading name of Notesco Limited, allegedly registered in Bermuda since 2014, claims to offer a range of account types, including Classic and ECN, with variable spreads from 0 pips. Their trading platforms include MT4 and MT5, providing access to forex, commodities, and indices. Despite these claims of professionalism, promised bonuses, and segregated client funds, prospective clients should be cautious due to concerns about the firm's legitimacy and transparency.

Is FXCess Regulated?

FXCess claims to be the trade name of Notesco Limited, a company registered in Bermuda with registration number 51491. However, a search in the Bermuda Monetary Authority (BMA) reveals no match for FXCess or Notesco Limited, making FXCess an unregulated broker, which leaves investors' funds unprotected and at risk.

Clientele Feedback

Clients have expressed dissatisfaction with FXCess, highlighting issues with slow withdrawal times and technical problems such as app crashes and a basic website interface. Some users question the platform's reliability, and concerns about leverage and overall trustworthiness persist. 

What Makes FXCess A Scam?

Delayed Withdrawals and Poor Customer Support: Many clients report waiting more than a week for withdrawal processing. Attempts to contact the support team often result in unresponsiveness, leaving clients frustrated and without access to their funds.

Misleading and Fraudulent Practices: Numerous individuals have raised concerns about FXCess. Despite understanding the risks involved in trading, clients accuse the broker of consistently lying and making excuses for the inability to withdraw funds, often requesting bogus transfer tax fees.

Account Blocking and Ignored Communications: Clients report that FXCess engages in fraudulent practices by deleting profits, blocking accounts, and ignoring attempts to contact them. Such actions completely disregard the client's financial well-being and highlight the broker's unethical behavior.

Dubious Regulatory Status: FXCess claims regulatory legitimacy, but there are significant concerns about cloned regulatory licenses. This uncertainty should make potential clients exercise caution when engaging with this broker.

Fake Positive Reviews: Many fake positive reviews about FXCess have been identified. This manipulation of reviews is a significant red flag and adds to the reasons to avoid this broker.

Bottom Line

In light of numerous complaints and red flags, it is crucial to exercise caution with FXCess. BrokersView emphasizes avoiding this broker due to its unregulated status, unreliable withdrawal process, and unethical practices. For a safer trading experience, consider choosing a well-regulated and reputable broker.