Justice is on the way!
Have you made a deposit with FoxNewsTrade and suspected you were SCAMMED? Read our review about FoxNewsTrade and see why we DON’T recommend them as your broker for trading.
First, it is important for you to know that trades between FX (foreign exchange) dealers can be extremely big, involving hundreds of millions of dollars. and due to sovereignty issues when two currencies are involved, the foreign exchange market has almost no supervisory entity that is regulating its actions.
The FoxNewsTrade is one of many UNREGULATED forex brokers. It was founded in 2022 and not in 2007 as stated on its website.
Speaking of their website, when you look for a broker for trading and you see that the company does not fall under any regulating agency- please do NOT invest with them. It should be a sufficient tip-off for you to know that your money isn’t safe with them, and you are not protected. They can take your money and there is no regulatory agency to hold them responsible.
If that’s not enough, you should be aware of the fact that when a website, like FoxNewsTrade’s website, offers an “Automated Trading Software” from another website they work with- you’re in for a scam. These kinds of websites are notoriously known for scamming schemes.
So how does it work?
Well, first they will do everything in their power to convince you into making the initial minimum deposit. To do so they will lure you by promising the moon: “We will double that initial deposit within 24 hours!” and so on.
After they succeed with the initial deposit, they will try to get more money out of you using the help of more experienced scammers. It doesn’t end. However, you can make it end even if you fall victim to their empty promises.
Did that happen to you too? Contact us now!!
How to get your money back?
There are a few things you need to do to get your money back.
Always bear in mind that they don’t want to give you your money back, but they won’t tell you that. They will simply DELAY. They will hold back the withdrawal process for months for different excuses.
Know that after six months you won’t be able to perform a chargeback!
The reason you had to submit the withdrawal request in writing is so that you can prove that you’ve tried to ask for your funds back; and yet, they refuse to do so, or it’s delayed for far too long.
This option is valid only if you paid with your credit or debit card.
Performing a chargeback allows you to kill two birds with one stone:
you are more likely to get your money back and the broker gets hurt.
When many chargebacks are filed it wrecks their relationship with the payment service providers.
Want to learn more about a chargeback? Contact us for more information
Unfortunately, you can’t perform a chargeback. But don’t worry, there are still ways for you to get back what’s yours.
Threat them that you will go to the authorities and unless they give you your money back you will file a complaint against them.
If that doesn’t work- be a man of your word! write an email or a letter to the regulating agency for forex brokers in your country (Google it). Tell them everything that happened, how they conned you, and about your hard-earned money that they won’t give back.
But before you send it- give it one last chance and send the letter to the broker; let them know that unless they refund your money- you will send it to the regulating agency.
Don’t know how to start? Reach us now
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We hope this review was helpful and gave you the information you needed.