Introduction to 4xbrands Review:
To be a victim of a scam is one of the worst nightmares possible. Imagine losing all your hard-earned money to someone who promised you great returns online. We, at Scam Victims Help, provide our readers with detailed reviews of the latest scam brokers in the market along with resolving customer complaints from scam victims. Read on to know more about 4xbrands.
Who are 4xbrands?
4xbrands claims to be a forex and CFD broker based in Saint Vincent and the Grenadines. The brokerage firm is operated by its parent company 4xbrands Ltd. The first statement about 4xbrands which states that the company has its headquarters in Saint Vincent and the Grenadines, which is a popular zone for scam brokers, is enough to prove that the company is up to no good. Apart from a few false claims on their website, the company provides very little to no information about their trading conditions. Furthermore, upon looking for contact information or a customer service facility, all we got is an option to send a call request to 4xbrands.
What is the Minimum Deposit demanded by 4xbrands?
The Minimum Deposit, as the name suggests, is asked in a very low amount as advised by the regulators of the trade market. The average minimum deposit demanded by legitimate brokers ranges from $5 to $10. In our case, 4xbrands offers its clients four different trading accounts. Each Trading account has a different minimum deposit ranging from $50 to $100000. The standard account demands a minimum deposit of $50 whereas the micro account demands $100. The minimum deposit for the Premium account is $25000 and the same for the VIP account is $100000. This yet again indicated that there is something wrong with the working of 4xbrands and it is a potential scam.
What Trading Platform does 4xbrands use?
MetaTrader 4, commonly known as MT4, is the most selected trading platform and is one of the industry’s best software. Legitimate brokers opt for reputed trading software to provide better choices to their clients. However, 4xbrands does not use MT4 as their trading software. Instead, the company claims to use its own trading platform which is of poor quality. The trading platform does not have advanced options and has a clumsy outlook towards it. This yet again raises suspicion on 4xbrands.
What are the leverage and spreads offered by 4xbrands?
The leverage offered by 4xbrands increases our suspicion of the company being a potential scammer even more. 4xbrands offers their clients leverage up to 1:500 as compares to the leverage of 1:30 and 1:50 that is capped in various countries. This clearly indicates that 4xbrands wants their clients to lose the trades and end up losing their money.
The spreads offered by 4xbrands were lying between the range of 1.4pips to 1.5pips.
What is the final take?
To sum up, all that has been stated above, we can safely conclude by saying that 4xbrands is a potential scam. We warn our readers and request you to be cautious while approaching 4xbrands. If you have been scammed by 4xbrands or another scam broker, file a report and we will help you.
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