FXCess Review – This Website Shows Fraudulent Practices

FXCess purports to be an offshore broker based in Bermuda. It offers access to global financial markets, including Forex, commodities, and indices, providing two trading platforms, competitive spreads, and advanced trading tools.

However, there are several discrepancies and issues with this platform we cannot ignore. We have grounds to believe the business is deceptive, just like RannForex. Hence, keep reading our FXCess review to learn the truth.

Broker status:	Unlicensed Forex Provider
Regulated by:	Unregulated
Operating Status:	Active Forex Trading Scam
Known Websites:	fxcess.com
Blacklisted as a Scam by:	BAPPEBTI
Owner:	Notesco Limited (allegedly)
Headquarters Country:	Bermuda (allegedly)
Website Active Since:	2018-09-20
Online Trading Platforms:	MT4
Mobile Trading:	Available
Minimum Deposit:	10 USD
Deposit Bonus:	Available
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	No
Available Trading Instruments:	Forex, Indices, Commodities, Stocks, Futures
Maximum Leverage:	1:1000
Islamic Account:	Unavailable
Free Demo Account:	Available
Accepts US clients:	No
Global Fraud Protection Experts’ Verdict:	Avoid Working with this Company

Is FXCess Regulated?

According to the website, the FXCess broker is the trading brand of UK-based Notesco Limited. If you look up this entity in the UK’s Financial Conduct Authority (FCA) register, you’ll read the following two trading names: FXGIANTS and IRONFX.

The latter is also associated with fraudulent activities, but more on that later. “FXCESS” falls under previous names (2019-2021), meaning it is no longer in use. We couldn’t find it in the Bermuda databases either. It’s safe to say the provider is unregulated.

A regulatory warning against this brokerage, issued by the Indonesian BBAPPEBTI regulator in 2022, serves as more evidence of illicit services.

For a safe trading experience, we recommend you opt for a transparent company that is appropriately regulated by an esteemed financial authority such as the FCA (UK), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.

Why Financial Market Regulations Matter

Brokerage firms that apply for a regulatory license under esteemed financial jurisdictions such as the UK must maintain a significant operating capital of at least 730,000 GBP.

Furthermore, they must provide users with negative balance protection, a segregated account in a top-tier bank, a safe leverage cap (1:30), and a compensation scheme contract worth up to 85,000 GBP.

Trader Reviews – Sharing Experiences

As of writing, the broker garnered 108 FXCess reviews and an average score of 3.4/5 on trustpilot.com. Although this feedback is relatively mixed, other forums sing a different tune. Namely, the Forex Peace Army (FPA) adamantly accuses the website of being a hoax.

“Fxcess is just another branch of the scam broker IronFx [confirmed scam]. Large numbers of fake positive reviews were submitted for FXCess [April-May 2022]. The FPA considers this one more reason to never open an account with this company or any related company,”

– the forum states, linking the broker to IronFX.

The fake comments appeared around the time the Indonesian watchdog issued its warning. User reviews are essential for distinguishing reliable providers from deceptive ones. Always seek out honest reviews before investing money online.

Who Are FXCess’s Targets?

According to WHOIS, the fxcess.com website domain was created on September 20, 2018. At this time, Notesco operated under that name. Peak wrongdoings started in 2022. The financial swindlers behind the platform have been targeting mainly traders and investors from the following countries:

• United Kingdom
• France
• Italy
• Spain
• Morocco

These financial centers enforce common European regulations, ensuring companies operate under uniform conditions while adhering to strict standards. Participants must obtain the appropriate licenses or permits, such as a MiFID passport.

The FXCess trading site posted a disclaimer on the website, claiming it does not serve Euro clients, and yet its main targets reside mainly on the old continent.

Which Trading Platform Is Available?

The trading platform available is the popular MetaTrader 4 (MT4), a staple in the forex trading community since 2005. The FXCess MT4 supports trading on Windows computers, apps for Apple and Android mobile devices, and the web version.

The broker offers a wide selection of trading instruments on its FXCess app, including single stocks, major stock indices, precious metals, and various other commodities. However, given the provider’s duplicitous background, we must stress once more that the software may be rigged.

For a reliable trading experience, choose LICENSED providers that support reputable third-party software like MetaTrader 5, MetaTrader 4, or cTrader.

FXCess Account Types

Account Type	Classic	ECN
Minimum Deposit	10 USD	10 USD
Maximum Leverage	1:1000	1:500
Spreads	From 1.7 pips	From 0.0 pips
Commissions	Zero	$4.5 per round-turn lot

Trading Conditions – Leverage, Spreads, Commissions

The maximum leverage ranges from 1:500 to 1:1000. Offshore brokers often provide much higher leverage than what is permitted in heavily regulated jurisdictions, which increases risk. Spreads and commissions are decent and competitive, but not enough to erase all the other fraudulent aspects, such as the FXCess no deposit bonus promotions.

The broker promotes bonuses, which users cannot withdraw. Furthermore, the legal documents include a clause stipulatiing that each trader must reach an insane trading volume with the bonus to be eligible to perform a regular withdrawal.

The FXCess login page includes a demo option, which is good. Risk-free trading is a must if you’re a beginner. However, switching to real money carried immense risks and stress so be careful.

Deposit and Withdrawal Process

The website lists two methods for making deposits and withdrawals:

• Credit/debit cards
• Wire transfers

Withdrawals go exclusively via wires though. As the reviews explained, pulling funds from this platform can be difficult, as many have experiencg issues. Therefore, you must learn how you can get your money out.

If you deposited funds using a MasterCard or Visa credit/debit card, you can request a chargeback through your issuing bank within 120 days. We can assist you with this process and provide professional guidance.

To reverse a wire transfer, you must ask your bank to initiate a recall, but this is only possible if the transaction has not yet been completed.

What Should I Do If I Have Issues With FXCess?

FXCess claims to be an offshore trading arm of UK’s Notesco Limited, even though the latter doesn’t use that name anymore. With the provider operating off the records like CoinsPayWorld, it elicited backlash from its victims and a regulatory warning from Indonesia’s watchdog.

We do not recommend paying for these services because the firm is unregulated and blacklisted. Our analysis stressed the importance of regulations and why trading on platforms supervised by recognized financial market watchdogs is better.

If you’re a victim of the FXCess scam, please book a free consultation with Fusion Forensics Limited. Our team of experts can assist you in the fund recovery process and get your money back as soon as possible.

Book your free consultation today and get your money back.