Introduction to 4xincome Review:
4xincome is a comparatively new broker in the industry who claims that they have a lot to offer. Even though the claims are pretty well made and put up, there are a variety of problematic red flags on their website which we will be reviewing today. 4xincome purports to offer a variety of tradable instruments including 50 forex currency pairs, CFDs, commodities, stocks, indices, gold, silver, and energy. Even though the offers seem good and like what any other legitimate broker would offer now, Read on to find out why you should not be trading with 4xincome.
Who are they?
The first telltale sign of a scam broker is that they either will not reveal an address and contact number on their website or they would claim a fake address and a contact number that does not work as theirs. In our case, 4xincome has attempted to pull off a mix of both. Upon checking their website, we found out that 4xincome claims that it is based out of Suite 305, Griffith Corporate Centre, P.O. Box 1510 in Beachmont Kingstown,Saint Vincent and the Grenadines. For those who are new to the trading industry, this might seem like a regular address of a brokerage firm. However, you must know two things about this address. Firstly, Saint Vincent and the Grenadines is a common offshore zone where the scam brokers get registered as they do not have to go through a series of tests that regulators usually do. This is the reason why Saint Vincent and the Grenadines have become a breeding ground for scam brokers. Secondly, if you copy the address and paste it on google, you will see at least 10 other potential scam brokers who have listed the same address as theirs.
What are the account types and minimum deposits that 4xincome offers?
4xincome offers 4 different account types to their customers which they claim fits all the needs of customers from across the globe. The accounts are more or less similar in the benefits they have with slight variations. The only major difference between the accounts is the minimum deposit demanded by 4xincome. The Micro account demands a deposit of $100 whereas the Standard Account demands $500. The Premium Account has a demand much higher than the former two and asks for a deposit of $25000 while the VIP Account has $100000. This raises yet another red flag against 4xincome in this 4xincome review.
What leverage does 4xincome offer?
4xincome offers different leverages to the customers based on the account type they have. While it is 1:500 for the Micro Account, The Standard account offers leverage of 1:300. The Premium and the VIP account offer leverage up to 1:100.
Is 4xincome regulated?
No, 4xincome is UNREGULATED. We were not able to find any traces of a license on their website. Upon checking with the regulators, we realized that 4xincome is not regulated and hence, is not safe for trading.
What is the Final Take?
To conclude, we can safely say that 4xincome is a potential scam. We request the readers to maintain caution while trading with 4xincome. If you have been scammed by 4xincome, report it to us now and get help to claim your money back.
Victim of 4xincome broker scam? File a complaint now!
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