Sometimes, in Forex trading scams, the fraudulent broker only offers their own platform, which may turn out to be fake. When investigating a broker case, try customer support, but keep in mind that even rogue brokers can appear friendly and helpful at first, and can later show their true colors.
The trading platform provided by the broker should be easy to use and intuitive enough so that traders can quickly access their accounts and trade. The trading platform should be very simple and user-friendly to help users conduct daily transactions. The broker must have a modern trading platform supported by advanced analytical tools and the latest foreign exchange technology. A good broker must not only be regulated, but also have a good reputation, excellent trading conditions, and excellent support.
Obviously, SHENGFX did not do any of the above, and can not even be regarded as a broker, but just a scam in the foreign exchange market. SHENGFX hides most of the trading conditions and raises suspicion. In summary, regardless of the trading conditions provided by SHENGFX, we do not recommend that you trade with it, because it is not regulated and may be a scam. SHENGFX can cause huge losses to his customers, so in our opinion, he is a potential liar.
Some brokers may provide a wide variety of trading products, while other brokers may specialize in one area, such as foreign exchange. Traders should trade with well-regulated brokers (such as the UK or Australian brokers) and reputable brokers. No matter what trading products you find in the SHENGFX reviews, please make sure that they have obtained permission to trade the products they offer.
Many proprietary platforms of high-quality brokers can provide a great trading experience. Such brokers are only required to provide easy access to trading instruments, but nothing more. The problem with unregulated brokers is that they are untrustworthy and violate the rules.
We do not recommend trading with SHENGFX as this broker was suspected of being a scam. In general, the FCA advises UK investors not to invest with this broker.
However, the Forex broker does not have a compulsory FCA license to do this. The Forex broker is licensed by the VFSC, but this is not enough to offer financial services or products in the UK or Europe.
In any case, Vanuatu is an offshore zone and we recommend that traders choose carefully the brokers they will work with. We recommend that all investors and traders avoid SHENGFX and other Vanuatu brokers. If you are interested in trading foreign exchange, cryptocurrency, CFDs or commodities, paying close attention to the broker you trade with can prevent broker withdrawal problems and help you avoid broker fraud.
If you find this SHENGFX review helpful, be sure to share it with your loved ones so they don’t fall into this type of scam. If you encounter the next one on SHENGFX, you are likely to be scammed or involved in a scam. Due to lack of information and unregulated SHENGFX, funds are not safe. According to reports, some unregulated brokers (such as SHENGFX) deceive people.
The most common sign of a broker scam or a Forex trading scam is that the broker is either not regulated at all or has a low-quality regulatory license. Any SHENGFX reviews will not only answer the question of whether the broker is licensed or not but will also give some insight into the regulatory body and point out if the license is top tier or not. On the other hand, if the broker no longer provides communication methods such as email, phone, text messaging, and chat, and has a support team that does not seem to understand the trade or is evasively asking certain questions, this could be a sign that a scam is or at least a low-quality broker.
During our preliminary research on this broker, we came across a ton of SHENGFX reviews in which people said that customer service after the initial withdrawal was absolutely poor. While these platforms would be good in the hands of other brokers, SHENGFX makes unauthorized trades and traders have trouble withdrawing funds from SHENGFX. These account options may sound tempting, but trading on SHENGFX is nothing more than a scam.
For further reading, please see SHENGFX: bitcoin