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SaveFX Forex broker specializes in providing foreign exchange trading services, the company's official website http://www.savefx.ne..., the company's legitimate regulatory information United KingdomFCAInvestment Advisory License to enhance the security of the company's address

SaveFX Forex Broker

Basic Information

Registered Region

United Kingdom

Operating Period

Company Name

SaveFX

Abbreviation

SaveFX

Company employee

Customer Service Email Address

service@savefx.net

Company Website

http://www.savefx.net/

Keywords

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

Suspicious Overrun

High potential risk

Company profile

Note: SaveFXs official site - http://www.savefx.net/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. SaveFX Review Summary in 4 Points Founded 1-2 years Registered Country/Region United Kingdom Regulation Suspicious FCA clone Customer Support Email What is SaveFX？ SaveFX, an online trading platform originating from the United Kingdom, offers services in financial market trading to interested parties. However, it's important to bear in mind that the SaveFX website currently has issues with accessibility, which makes confirming its regulatory status or authenticity a difficult task. Moreover, the FCA (Financial Conduct Authority) license number 739214, which the broker claims to have, is suspected to be fake clone. In the following analysis, we will carefully scrutinize this broker's features from various angles with the aim of providing you with concise and well-structured information. If you find this topic intriguing, we encourage you to read further. Upon completion of this article, we will briefly summarize the key points to give a quick overview of the broker's characteristics. Pros & Cons Pros Cons • None • Not regulated (suspicious FCA clone) • Lack of transparency • Website dysfunctional • Report of scam on WikiFX • Limited customer support channels When evaluating SaveFX, the platform appears to be without clear merits. Contrarily, there are several negative factors worth noting about this trading platform. Its regulatory status is predominantly concerning, as it is reportedly unregulated, and suspicions have arisen over it being an illegitimate FCA clone. Besides, the noticeable lack of transparency in its operations, coupled with an inaccessible website, raises valid skepticism. An additional negative aspect is the scam report found on WikiFX, tarnishing its reputation further. Finally, the platform has vaguely defined customer support channels to email support only, which could potentially limit communication and assistance when required. Is SaveFX Safe or Scam？ When considering the safety of a brokerage like SaveFX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage: Regulatory sight: SaveFX appears to operate without regulatory oversight from any major financial authorities, posing significant risks regarding its safety as a trading platform. There FCA (Financial Conduct Authority) license number 739214 claimed by the broker is suspected to be clone. Furthermore, the broker's official website is currently inaccessible, leading to further speculation that the trading platform could have possibly absconded. Such factors amplify the risks associated with investing through this platform. User feedback: The presence of a scam report on WikiFX concerning this broker should be seen as a potential red flag. It is strongly advisable for traders to undertake meticulous examination and perform due diligence before entrust any broker or investment platform with their funds. Security measures: So far we cannot find any security measures info on Internet for this broker. Ultimately, the decision of whether or not to trade with SaveFX is a personal one. You should weigh the risks and benefits carefully before making a decision. User Exposure on WikiFX On our platform WikiFx, we have registered a single instance of scam, which, quite rightly, raises alarm. We strongly urge all traders to thoroughly examine all available data prior to placing their hard-earned money at risk. Our platform endeavors to provide comprehensive information to help traders in making well-considered decisions. Regrettably, should you come across any fraud practices by brokers or become a casualty of such situation, we strongly recommend you report such instances in our 'Exposure' section. Your invaluable feedback is highly appreciated. Our adept team remains dedicated to addressing these situations and will actively work towards finding a resolution for these complex issues. Customer Service SaveFX offers customer support solely through email which potentially limit its users' ability to seek help or assistance promptly. Email: service@savefx.net. Noteworthy is the fact that broader customer support avenues, such as phone or live chat support, are generally seen as more accommodating, as they present multiple options to cater to a wider range of user preferences and needs. Therefore, this is a crucial factor that potential users should carefully deliberate upon while considering whether to engage services from SaveFX. Conclusion SaveFX, an online trading platform originating from the United Kingdom, provides its trading services to universal audiences. However, further investigation reveals several concerning factors. Reportedly, the broker appears to operate without any formal financial regulations while being suspected of cloning an FCA license, posing severe questions about its legitimacy and credibility. Traders are losing out on the safety cushions and standards that regulated entities typically extend. Moreover, signs of concern such as an unresponsive website and a limited customer support framework suggest an unfavorable lack of professionalism and accountability, both vital in fostering trust and establishing sustainable professional bonds. Alongside this, a scam report about SaveFX on the WikiFX website further amplifies concerns revolving around security and customer protection. Given this array of considerations, prospective clients considering on using SaveFX should proceed with utmost caution and think about exploring other broker services that demonstrate commitment to transparency, regulation, and customer support. It is imperative for investors to prioritize engaging with financial platforms recognized for their professionalism, security, and accountability to guarantee a safe and dependable trading experience. Frequently Asked Questions (FAQs) Q 1: Is SaveFX regulated？ A 1: No. It has been verified that this broker currently has no valid regulation, the FCA (Financial Conduct Authority) license number 739214 claimed by the broker is suspected to be clone. Q 2: Is SaveFX a good broker for beginners？ A 2: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency and reports of scam. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

SaveFX broker review

Is SaveFX safe or scam

Rating Index

SaveFX Broker - Complete Information Guide

1. Broker Overview

　　SaveFX, established in 2023, is a financial services company that specializes in forex trading, cryptocurrency trading, and contracts for difference (CFDs). The broker claims to be headquartered in London, UK, and operates primarily in the retail forex market, catering to individual traders and investors seeking access to a wide range of financial instruments.

　　Despite its claims of being incorporated in a reputable jurisdiction, SaveFX has been flagged by various regulatory bodies, including the UK Financial Conduct Authority (FCA), for operating without proper authorization. This lack of regulatory oversight raises significant concerns regarding the safety and security of client funds.

　　The company offers a trading platform that purportedly provides users with access to over 100 trading assets, including major currency pairs, cryptocurrencies like Bitcoin and Ethereum, and various commodities. However, the absence of transparency regarding its operations and the lack of a clear regulatory framework have led to skepticism about its legitimacy.

　　SaveFX operates under a business model that focuses on retail forex trading, allowing individual clients to engage in speculative trading activities. The broker promotes the use of advanced trading technologies and claims to deliver fast order execution, although the reliability of these claims is questionable.

2. Regulatory and Compliance Information

　　SaveFX is not regulated by any recognized financial authority, including the FCA, which has issued warnings about the broker's unauthorized activities. The absence of regulation means that clients are not afforded the same protections that come with dealing with a licensed broker, such as access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).

　　The broker does not provide a regulatory license number, and its claims of compliance with local laws are unverified. The lack of a robust regulatory framework raises alarms about the safety of client funds, as there are no guarantees for the segregation of client accounts or investor compensation in the event of financial difficulties.

　　SaveFX asserts that it adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) policies; however, the effectiveness of these measures cannot be independently verified due to the absence of regulatory oversight. Potential clients are advised to exercise extreme caution when considering engaging with SaveFX, as the risks associated with unregulated brokers are significant.

3. Trading Products and Services

　　SaveFX offers a diverse range of trading products, including:

Forex Trading: The broker provides access to a variety of currency pairs, including major, minor, and exotic pairs. However, the exact number of pairs available is not specified.
CFDs: SaveFX allows trading on various assets, including indices, commodities, stocks, and cryptocurrencies. This broad selection aims to attract traders looking for diverse investment opportunities.
Cryptocurrencies: Clients can trade popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, among others. The platform claims to support trading during weekends, which is relatively uncommon among forex brokers.

　　While SaveFX promotes an extensive range of products, the actual trading conditions, such as spreads, commissions, and fees, remain unclear. This lack of transparency can hinder traders from making informed decisions.

4. Trading Platforms and Technology

　　SaveFX claims to offer a proprietary trading platform designed for optimal user experience. However, there is no mention of support for widely recognized platforms like MetaTrader 4 or MetaTrader 5, which are standard in the industry. The absence of these platforms may limit traders' access to advanced trading tools and features.

　　The broker's platform reportedly includes basic functionalities such as charting and technical analysis tools, but there are concerns about its reliability and performance. Additionally, there is no clear information regarding the execution model—whether it operates on an ECN, STP, or market-making basis.

　　Mobile trading options are also mentioned, but specifics about the app's availability on iOS and Android devices are not provided. Traders looking for automated trading capabilities or API access may find SaveFX lacking in these areas.

5. Account Types and Trading Conditions

　　SaveFX offers several account types, each with varying conditions. The details of the accounts include:

Standard Account: Requires a minimum deposit of $500, with unspecified spreads and commissions.
Premium Accounts: Higher tiers with increased minimum deposits, although specific details are not disclosed.

　　The broker does not provide clarity on leverage ratios, overnight fees, or the minimum trade sizes, which are critical factors for traders. The absence of a demo account policy further complicates the assessment of the broker's offerings.

6. Fund Management

　　SaveFX supports limited deposit methods, primarily focusing on cryptocurrency transactions. The broker claims to accept Bitcoin and possibly other cryptocurrencies, but traditional methods such as bank transfers and credit cards are not clearly mentioned.

Minimum Deposit: The minimum deposit requirement is set at $500 for standard accounts.
Deposit Processing Time: Specific processing times for deposits are not disclosed, leaving potential clients in the dark about how quickly they can fund their accounts.
Withdrawal Methods: The withdrawal process is also vague, with no clear information on the methods available or any associated fees.

　　The lack of transparency regarding withdrawal times and fees raises concerns about the broker's reliability and trustworthiness.

7. Customer Support and Educational Resources

　　SaveFX provides customer support through various channels, including email and online chat. However, the absence of a phone support option may deter some clients seeking immediate assistance.

Service Hours: The broker claims to offer support 24/7, but the effectiveness of this support is unverified.
Languages Supported: Specific languages offered in customer support are not mentioned, potentially limiting accessibility for non-English speakers.
Educational Resources: SaveFX does not appear to offer substantial educational materials or resources, which are essential for novice traders looking to enhance their trading knowledge.

8. Regional Coverage and Restrictions

　　SaveFX primarily targets retail traders in various markets, but specific information about its operational regions is sparse. The broker claims to serve clients globally; however, it is essential to note that it does not accept clients from jurisdictions where it is not authorized to operate.

Restricted Countries: Specific countries where SaveFX does not accept clients are not clearly outlined, which could lead to compliance issues for potential traders.
Regional Offices: There is no information on regional offices or local support, which may affect the broker's ability to cater to clients in different time zones.

　　In conclusion, while SaveFX presents itself as a forex broker with a diverse range of trading products and services, the lack of regulation, transparency, and clarity on trading conditions raises significant concerns. Potential clients are strongly advised to conduct thorough research and consider the associated risks before engaging with SaveFX broker.

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