The financial market is a thriving place for trading and attracts hundreds of traders daily. It has various tradable assets and brokerage firms to choose from. But this profit-making environment also attracts scammers. To swindle unsuspecting customers, scammers pose as legitimate brokerage companies. They entice them with promises of high leverage and guaranteed profits.
Scammers will use different tactics to entice investors to invest with them. One common way is to contact clients of regulated entities through email. Often, these emails will have fake CySEC logos or stamps or fraudulently copy CySEC officials’ signatures. These scam artists will then falsely promise to help investors recover their money. Other scams may involve contacting investors by telephone about email correspondence.
While CySEC regulates financial websites, this does not mean they are legitimate. It would be best if therefore, you always were wary of brokers who claim to be CySEC-regulated. CySEC warns that you should not trust such companies. Their commissions are based on your losses, so be careful of them.
FXPN was previously known as a binary options broker but has shifted to forex and CFDs. This is because binary options are illegal in most countries. The company’s headquarters are in Cyprus, holding a CySEC license. It also provides services to people in the European Union but explicitly states that it does not serve clients in the United States. Despite CySEC’s certification, the company is a scam.
FXPN has several features that make it an attractive option for Forex traders. It offers MT4 and Sirix web trading platforms and requires a minimum deposit of $500. The broker also claims to be CySEC-regulated and EEA-zone-licensed. However, Belgium is not on the CySEC list, so it is not clear whether or not FXPN is CySEC-regulated or not. Traders will need to make their own assessments about FXPN and decide whether to invest with them.