ProFXPremium Review is Pro FXPremium a Scam or Legit Broker

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FxCitizen Review: Scam or Legit Broker?

FxCitizen Review: Scam or Legit Broker?

1 Comments

Last Updated: Dec 4, 2020 @ 10:53 am

FxCitizen is a Forex broker offering two types of trading accounts, standard and ECN. For the standard account, there are two categories namely Micro and Mini. Both Micro & Mini are offering higher level and fixed spreads, plus no commission is charged on customers. In addition to this, these accounts have swap-free options for those who share Islamic belief. On the other hand, ECN accounts offer variable spreads and commissions are also involved. However, they offer lower leverage for these accounts. Therefore, what we should keep in mind is that ECN accounts do not offer mini and micro lots. What is more, promotion offers are not available for ECN accounts.

But this is not all that FxCitizen is offering. They have PAMM accounts for those who want their funds to be managed on the platform. The features that this broker offers are very typical of what an offshore broker would offer. These include low leverage, competitive spreads and low minimum deposit. In terms of fixed spreads, FXCitizen offers 2 pips for a pair like EURUSD for the standard accounts and 1.6 pips for EURUSD pair on the ECN accounts. This is considered average according to the industry’s going rate.

Note: If you want good brokers, trade with these ones instead

FxCitizen Review

Scalping, hedging including expert advisors are allowed. However, even tough this broker is allowing scalping, they still have silly restrictions which make it difficult for scalpers to succeed here. Even if you have a scalping trading robot, this broker will make it difficult because those trading robots sometimes close trades in seconds when the broker wants scalps to be closed in more than 2 minutes. That is to say that if you are scalping, you cannot close trades before 2 minutes have elapse. This is not the kind of thing we want.

The company background and the security of funds

FxCitizen was created in 2020. It offers trading in 30 different pairs and on CFDs which involve Gold, Silver and Oil on the Mt4 platform. CFDs for indices and shares are not available to trade on this brokerage. FxCitizen is owned and operated by a company known as Universe Citizen Limited. This company is regulated by Republic of Vanuatu Finance Service Commission. People who set up businesses in Vanuatu don’t pay tax. It’s a safe haven for people who don’t want to pay taxes. In addition to that, registration of Forex and Binary Options brokers is fast and extremely cheap. That is the reason scammers prefer to register their business in this destination because it favors them more than it favors the customer.

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The minimum trading capital that this broker is requesting is $2000. This is quite high considering that most off shore brokers don’t ask this amount of capital. This can be discouraging to new traders who want to get started with $1000. The other thing is that these offshore brokers don’t have pressure from regulators and customer protection is never a priority. That is why you should never trade with an offshore broker or an unregulated broker.

It is therefore recommended that you trade with Forex brokers who are based in the UK, Cyprus and Australia. These brokers will guarantee the protection of your money and you will not have to worry about your money being stolen or clients getting mishandled.

Trading platform

FxCitizen offers the famous MT4 platform and customers can trade on the Desktop and mobile platforms respectively.

MT4 is often preferred by most traders as it’s reliable and easy to use. It comes with custom indicators that help traders analyze the market before making decisions. Thes technical indicators are a must have if you are a technical indicator trader. It offers extensive back testing environment, advanced charting capabilities and compatibility with expert advisors, which allows traders to completely automated their trading.

FxCitizen also offers deposit bonuses from time to time. However, to withdraw money from this platform after a customer accepts deposit bonus, they are required to meet a certain trading volume. Therefore, this is quite restrictive and we don’t encourage new traders to accept deposit bonuses.

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Customer reviews

While this broker looks like a legit broker who does not cause any trouble to traders, there are plenty of negative customer reviews on the internet. Clients have complained of losing money in the hands of this broker. How exactly do they lose money? The broker entices them to accept advisors and signals from the platform. The people who manage those signals don’t appear to have mastered trading really well. So you can guess that anyone who utilizes this service ends up losing a lot of money.

Therefore, when customer feedback is negative, there is really nothing else we can do to try and convince new traders that this broker is legit. Online negativity kills morale and it certainly points to the fact that this broker is not running an efficient business or is an outright crook.

Why we have issues with FxCitizen

The problem is that they are off shore brokers, and it doe not surprise us when we come across all these kinds of complaints. They are typical of off shore brokers because there is no stringent regulations for setting up Forex brokerage business. So whoever is setting up a brokerage business in an off shore zone is clearly looking to mishandle customers or even scam them. Many Forex brokers that we have reviewed here which are based in the off shore zones share similar characteristics. They are either outright scams or are always mishandling their clients.

We are afraid that FXCitizen is one of those, and we can’t risk asking you to sign up.

Our best advice for you

This broker does not offer indices and shares CFDs. Secondly, they are registered off shore and this is something you should take as a red flag. Third, their ECN account has a big minimum deposit and every trader wants to trade on an ECN environment because it offers better trading conditions. Stick with these Forex brokers if you want to trade securely.

Cash FX Group: Scam or Legit? [Review]

Welcome to one of the few honest and legit Cash FX Group reviews on the net.

I’m sure you have many questions and you haven’t found many answers surrounding this program and that’s just how it is.

You can’t tell if this is actually a legit trading platform or some kind of scam.

Heck, you don’t even know if there’s any real trading going on, like they say.

What you do know is that someone came up to you and told you that this was some crazy company that is paying them for doing absolutely nothing.

Maybe not to our front door but through social media like how every other program is marketed.

That then raises another question on why would anyone want to show you this if it was doing so great.

Lucky for you, I have had my run with these kinds of programs, so you can bet that I know exactly how they work.

I know why they exist, how the money is made, and why anyone would even promote it.

So if you want answers, this review will provide exactly that.

Now before you go back to the person who is begging you to join, let’s see what is really going on here.

They won’t tell you the kind of stuff I’m about to go over, so consider yourself lucky.

Not even some of its members know but that’s how they really want it to be.

I’m a straight to the point, no beating around the bush kind of guy, so I’m sure you will appreciate my honesty.

Without further ado, let’s get right into things.

Table of Contents

Cash FX Group Review – Product Overview

Name: Cash FX Group

Price: $90 (minimum)

Type of Business: Revenue sharing (revshare)

Overall Rating: 1/5 stars

Cash FX Group is nothing more than a recruiting based program that will make you money by doing exactly that. This is one of thousands of programs that “mine” for you, which of course comes with no proof.

Now here’s what you need to ask yourself. Would anyone do the work for you if something was making them money? Of course not. They would invest more and make more money for themselves.

But there is more to this stuff and I will be explaining everything below. Definitely far from anything I would recommend, so do join at your own risk.

What is Cash FX Group?

Cash FX Group comes off as program that shares the revenue it brings it through the trading done in the Forex market.

Hence the “FX” in their name.

Then they throw in other things like training and understanding the Forex markets and all that

However, that is not the case as this is a program that makes its money through the investments of its members.

There is no proof of any actual trading and there are many other sites like FX Trading Corp that utilize the same claims.

Those are just two other Forex trading/member investing type sites that have come and gone, leaving its members in debt.

Cash FX Group is no different and you will see that as we move further into this review.

The Product

In any business, I don’t care what it is, there is always going to be some kind of exchange for either goods or a service.

With Cash FX Group, it’s supposed to be a service that comes in the from of trading.

Now tell me this.

If you were to make money trading, would you share it with someone else so that they can make money?

You would invest more money and make more of it.

Sure they make everything seem legit by paying out its members based on the package they purchase but that’s not a way to gauge things.

These kinds of “trading” sites that share its revenue are what us make money online people know as a “revshare”.

Not an actual revenue sharing company but one that does it in a way that is not really legit.

Back in the day, the product of choice was advertising, until they all came crashing down.

These days, they like to use crypto currency and trading.

Regardless of what “product” they choose, it is all the same thing.

How Cash FX Group Really Works

The idea is that you invest some money and the company does the trading for you.

They say you’ll make a certain percentage every month and that’s about it.

Well, that’s not really what happens.

What really happens is this.

They have people put money in and offer a nice incentive to get others to join.

In the case of Cash FX Group, this incentive comes in the form of a percentage from every person that you bring into the company.

By doing so, you can bet that everyone and their mothers will promote this thing.

When more and more people join, this allows for the revshare software to pay its members based on the package they purchased.

The system is designed to put you in profit after about 30 days, which give the company enough time to recruit more members.

As long as this process continues, you can bet that you will make money.

Once newer members stop joining, you can bet that the payments will stop as well.

This will then lead to some excuses by the owners and a bunch of pissed off members.

That’s really all there is to it and if you can understand that much, you can them make a grownup decision.

But Will Cash FX Group Pay?

They actually will.

Like I mentioned earlier, as long as there are newer members joining this program, everyone will make money.

If no one joins after you, then you of course will not make a single penny.

The thing about revshares is that the owners have no intention of taking anyone’s money.

However, there is no way that any of these types of programs will last.

So whether or not you should join or if you will make a single profit is based on everything I just mentioned.

You can join and hope that you got in at the right time or you can hold on to your money and invest it into something more reliable.

Before You Join

As much as I would love to recommend various programs to you guys, I must lay down the facts before you make a move.

I was once in your shoes before and the decision was never easy when it came to revshares.

So before you go making any crazy decisions, let me show you what you need to lookout for.

Understand these things and you should be good to go.

There Are No Guarantees

If you are thinking about joining Cash FX Group or any other revshare for that matter, please understand that there is no telling what will happen.

Just because they are paying today does not mean that they will pay tomorrow.

I’ve joined revshares in the past that stopped paying after I put in over a thousand dollars and I ended up losing it.

I knew what to expect but I took the risk anyways.

Just because you put in money does not mean you will make any in return.

No Refunds

When you decide to put money in, don’t expect to get it back.

Too many people join these types of sites using their grocery money and then want to change their mind.

Don’t be one of them.

The system is designed to distribute funds automatically and it will not stop to issue any refunds.

Think long and hard before you commit to anything.

1 Month Before You Profit

Some of you might have seen all kinds of proof of earnings and they aren’t lying either.

What you do need to understand is that those people didn’t start making money right away.

It will take at least 30 days before you even get back what you put in.

From that point on, you will get any profits owed to you.

Now if people stop joining anytime in between then, you will not make any money.

A Bigger Investment is Required

Along with waiting a pretty long time to profit, you can also expect to put in a good amount of money to make it worth it.

This is also the same reason why they have their smallest package at $300.

Any lower and you will be wasting your time.

So that 6% or whatever percentage you are expecting?

You can wait 30 days.

If making $180/month is cool with you, then by all means, invest in Cash FX Group.

This is why I mention that you really need to put a nice chunk of change in to make it worth it.

It Will Not Last

I don’t care what anyone tries to do to keep these sites afloat, it will never happen.

Some revshares have gone as long as a year but 99% of them last no longer than 3 months.

If you are willing to take the risk, just hope and pray that you at least get your initial investment back.

And if you profit, more power to you.

Just understand that Cash FX Group will not last and will eventually shutdown just like every other revshare out there.

The Price

We all know that it is not cheap to join Cash FX Group and that is probably the biggest reason as to why you are looking for reviews.

There are 10 different packs that you can choose from, with the cheapest being $300 and the highest being $100,000.

That is not a typo and I’m sure that freaked you out.

Believe it or not, there are people who put that kind of money in but they are usually those that got in early.

There are some that put in the big bucks and end up losing.

  • Academy Pack 90
  • Academy Pack 150
  • Academy Pack 300
  • Academy Pack 600
  • Academy Pack 1500
  • Academy Pack 3,000
  • Academy Pack 6,000
  • Academy Pack 9,000
  • Academy Pack 15,000
  • Academy Pack 30,000

Each pack mentioned has the same cash value as its name.

90 means $90 and yes, 30,000 means $30,000.

Each level also comes with a compensation of some sort, which rewards the person who brings in another member.

It’s somewhat complicated but I don’t feel it necessary to cover a whole lot on it.

I will cover the basics so you at least know and see why others are promoting this like crazy.

The Cash FX Group Compensation Plan

Cash FX Group doesn’t just offer an incentive for getting others to join the site but they also have it setup with a multilevel marketing type of structure.

These specific levels allow you to dip into 7 different affiliate levels from which you will earn accordingly.

There all kinds of terminology like “director”, “points volume, and all the things that come with companies like Kyani and other real MLM companies.

This is strictly in place so that people like yourself can get others to join.

Forget about trading as this is nothing but a Ponzi in disguise.

Some people could not care less but I’m not one to sugar coat things.

A spade is a spade, right?

Pros & Cons

  • Can actually make you money
  • Is recruiting based
  • No real products
  • No proof of trading
  • Makes money through new members
  • Will not last

I have the most unbiased outlook on this program and that’s because I know exactly how they work.

I’ve been apart of several in my career before finding a legit program that works, which is why I no longer promote them.

They are not sustainable and will not replace your 9-5 either.

You can make money if you get in right but please don’t let that make you think that I’m telling you that this is legit.

I wouldn’t say so as I’m sure no one is trying to steal your money.

However, you can bet that this very much falls under Ponzi scheme territory.

It is what it is and you need to make good judgment when it comes to Cash FX Group or anything similar.

My Recommendation

Join at your own risk.

Not only are these programs very risky but they are not something that you want to let others know you are involved with.

Like I mentioned over and over again, this is not a legit business and they will not last.

Just like every other revshare hyped company, Cash FX Group will soon be a thing of the past.

You will then have a bunch of unhappy campers that wish they never joined.

In the end, someone is going to lose and I’m hoping it’s not you.

Those that got in early will get rewarded, while those that get in late will foot the bill.

But you have been warned and I hope you can use some awesome judgment with this one.

Other than that, thanks for reading my Cash FX Group review.

If you are still confused with anything and have any questions, feel free to leave them in the comments section below.

As a matter of fact, go ahead and add your two cents if you feel I have left something out.

Until next time, don’t forget to be scam smart and always do your research.

About John

I hope you enjoyed that post. I’m John and I am the owner of this site. I like to think I’m a normal dude just like everyone else but that wouldn’t make me unique. I do have 4 kids and I have gone through the hardest of times, most especially financially. With some learning and growing, I have managed to get back on my feet and live the laptop lifestyle most people only dream of. With that knowledge, I hope to align you with a real and legit way to make money online.

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LEGIT InstaForex Reviews: SCAM or LEGIT?

    Thread starter boban2020 Start date May 18, 2020 Tags cryptocurrency tradingtrading moneytrading platform

boban2020

Bronze Member

InstaForex is a long existing multi award-winning international forex broker. It offers to trade in a wide variety of markets like CFDs, Forex, Futures, Cryptocurrencies etc. InstaForex is a Russian based online trading company own by InstaForex LTD founded back in 2007 and as gained multiple recognition over the years. Currently, therefore, are more than 7 million traders from all around the world who use the platform on a regular basis.

Forex / Binary Trading is a risky investment, be sure you are aware of the risk involved before investing on any platform.

Pros Of Using InstaForex As A Trading Platform
1. Regulated: InstaForex is regulated by the Russian Association of Financial Markets Members (RAFMM), a lesser know regulatory body.
2. Reputation: InstaForex is a Russian based trading platform which have been in existence for over a decade. According to their website, they have won multiple awards and recognition from notable companies like IBM and IAIR.
3. Innovative Technology: InstaForex trading platform is uniquely designed, it features tools like the ForexCopy system which allows traders copy deals of other professional traders and earn profit. It also features the PAMM system which allows traders to manage funds of other investors.
4. Support Mobile Trading: InstaForex support trading on smartphone via it native mobile app which is available for both Android and iOS. Alternatively, users can also access the platform via MetaTrader 4 mobile app since it’s supported.
5. Multiple Account Packages: InstaForex features different account packages to suit your needs as a trader. They also provide a free demo account for a trader to test the platform, Demo account can also be really useful for new traders who want to practice how to trade.
6. Over 300 Instruments: InstaForex offers trader ability to trader over 300 different Instruments like stocks, future, metals, cryptocurrencies etc.
7. Support Different Payment Options: With a low minimum deposit of $1, InstaForex support different withdrawal/deposit payment options like Credit/Debit Card, QIWI, Webmoney, PerfectMoney, Yandex.Money etc.
8. Regularly Promotion/Contest: InstaForex regularly host different promotions/contest where traders can earn various prizes or bonuses.

Cons Of Using InstaForex As A Trading Platform
1. Does not open it service to the U.S.
2. Regulated by a lesser known organization.

Based on my research, am having a negative feeling about using or recommending this platform cause they are some negative feedback have seen e.g the fact that some regulatory bodies have formally issued warnings to investors telling them to stay clear of the platform.
I will advise anyone planning to try them to be very careful and better look for another alternative rather than using them.

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