Read this Covey FX review, and share it with your loved ones to save them from scams and scam brokers.
Broker Name – Covey FX
Broker Website – https://www.covey-fx.com/
Headquarters or Area of Operation – 50 Raffles Pl, Singapore 048623
Warnings – Monetary Authority of Singapore (Singapore)
When was the Covey FX website domain set up?
|Date Registered||December 24, 2021|
|Domain Age||8 months, 8 days, 20 hours, 51 minutes, 2 seconds|
The advancement of technology has also opened many gates for scammers. Scammers, by following various ways of tricking investors like – cold calls about the unending benefits of opening an account with their brokerage firm, through good online marketing, and by offering attractive returns, can find their prey. If you want to stay away from these scam brokers, read the scam broker review here and know the motivations behind why you shouldn’t trade with them.
Covey FX is one such potential scam broker who is involved in many scam activities. Read a complete Covey FX review to know more about this broker.
Covey FX Review: Scam Activities Done By Covey FX
Having the potential to make someone go into a debt trap, the scammers lure their victims in with irresistible offers and discounts. In this segment, we will be telling our readers about a few important points that you must look for in a broker before opening an account with them. Remember, nobody has a right over your money.
Covey FX Review: Regulation
As you all might know, regulation is one of the most important checkpoints that one must look for while searching for a brokerage firm. Due to the increasing inflow of scammers in the market, the regulations set up barriers to make sure that the scammers stay away from the market. For this, they introduced the licenses. For a company to acquire a license, it must go through a variety of tests. However, these tests are not as easy as they might sound like. If a company does not have a license, it means that the company is UNAUTHORISED and not fit for trading.
In our case, if Covey FX is unregulated, then this raises the first red flag against the broker in this Covey FX review. Read More in Scam Broker 2022.
Covey FX Review: Leverages
Leverage is yet another common checkpoint that one must look for while checking for a broker online. Due to their direct involvement with the risk, leverages are offered in small amounts. The leverage is even capped at 1:30 and 1:50 in the European countries and the USA respectively. If this broker offers leverage more than this, it is a sign that Covey FX is a potential scam.
Is Minimum Deposit permissible?
The minimum deposit is generally asked in very small amounts by the legitimate brokers as taking huge amounts as the minimum deposit is not advised by the regulations. However, the tradition of taking huge minimum deposits is extremely common in scam brokers as their main aim is to steal as much money as they can from the trader before they get suspicious. The usual amount asked by the legitimate brokers lies in the range of $5 to $10. If the broker asks for an amount more than the average, chances of a scam.
Covey FX Reviews: Complaints
You can find many negative Covey FX reviews on the web. We advise you to do a search for online reviews of brokers. A conventional web search can give experiences into whether negative remarks could simply be a disappointed dealer or something more serious. A decent enhancement to this kind of search is our scam brokers 2022 list, which indicates who are scam brokers and why you should avoid them. Acquire a more clear comprehension of the guidelines for forex brokers and any other brokers.
Covey FX Review: Conclusion
To sum up, all that has been said above, we give you the power to decide whether the broker is a scam or not. We request the readers to move forward with extreme caution. If you have been a victim of Covey FX scam or any other broker, do not feel embarrassed. File a complaint right now and get instant help from our team in fund recovery!
Victims of forex scams, cryptocurrency scams, binary scams, pet scams, dating/romance scams, or any number of scams should raise their voices. This will not only help them but all the victims who are struggling to get their deposits back. Apart from this, it will also help other people to be alert from such scammers and scams.
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