FX-FLAT has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Free Trade CFD. We’ve received over 5 complaints against FX-FLAT.
FX-FLAT’s website lacks business and regulatory information. It also includes misleading payment alternatives and hefty deposit requirements, which are typical of scammers. Investigations reveal that FX-FLAT is mimicking a legitimate company. To avoid fraud, always use brokers who have clear regulatory licenses and transparent business operations.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is FX-FLAT Regulated? Do They Have a License?
FX-FLAT does not disclose any corporate information or regulatory license information on its website. While accepting the Terms & Conditions is required for account registration, the link to this document is blank. Legitimate financial service providers often provide clear and complete information about the corporation that owns and operates them, as well as their location and regulatory licensing. They also offer access to substantial legal documentation. The omission of these critical aspects from FX-FLAT’s website raises serious issues about its authenticity.
The FX-FLAT website is only available in Italian, however the contact information supplied is in Germany. A review of the financial regulators’ registrations in Italy and Germany, notably CONSOB and BaFin, indicates warning signs that FX-FLAT is a scam. According to BaFin’s warning, FX-FLAT, using the domain fx-flat.com (which redirects to fx-flat.net), is impersonating a legitimate company, XFlat Bank GmbH.
When choosing a broker, ensure that all legally essential information is available and accurate. Ensure that the company is listed on the necessary regulator’s database, and that the domain name is legitimately approved for the broker. Anonymous websites that provide incorrect and inconsistent information, such as FX-FLAT, should never be trusted with your money. Instead, seek brokers registered by respectable institutions such as the Cyprus Securities and Exchange Commission (CySEC), which has strict criteria and protects investors.
The lack of regulation or the presence of poor regulation is a huge red flag. It means FX-FLAT might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of FX-FLAT, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at FX-FLAT
FX-FLAT advertises “advanced platforms of superior quality,” but in reality, it just supplies basic web-based applications. This identical platform is frequently utilized by various fraudulent brokers to dupe customers into believing their money is being invested and earning rewards. In contrast, legal brokers provide a wide range of trading tools, including desktop, mobile apps, and web-based platforms, with MetaTrader 4 (MT4) and MetaTrader 5 (MT5) serving as industry standards.
FX-FLAT has an extremely high minimum deposit of EUR 10,000. In contrast, several top global companies offer trading to begin with as little as 10 or even 100 EUR/USD/GBP. This exorbitant demand is another red sign that suggests fraud.
While FX-FLAT’s webpage features logos for prominent e-wallets and credit/debit cards, the real deposit menu only includes bank transfers, which are not truly available. Fake brokers frequently offer traditional payment methods while directing customers toward bitcoin purchases, assuring anonymity and removing the chance of refunds or chargebacks. However, reputable brokers provide a variety of transparent payment options, such as bank transfers, credit/debit cards, and e-wallets like as PayPal, Skrill, and Neteller.
FX-FLAT purportedly provides a wide choice of currency pairs and CFDs on stocks and cryptocurrencies. However, given the nature of the trading site, it is quite likely that the transactions are fraudulent. Legitimate brokers give extensive information on trading factors, including as minimum deposits, order execution techniques, leverage, spreads, swaps, and commissions, to ensure transparency and trust.
FX-FLAT provides a high leverage level of 1:100, which is symptomatic of a scam, as registered brokers in the European Union follow leverage limitations imposed by the European Securities and Markets Authority (ESMA). The restrictions are as follows: 1:30 for major currency pairs, 1:20 for non-major pairings, gold, and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrency.
FX-FLAT does not provide any legal paperwork governing withdrawal restrictions, fees, or minimum withdrawal amounts. Typically, fraudulent brokers charge high fees and impossible-to-fulfill traded volume requirements, making it difficult or impossible for clients to withdraw their assets.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
FX-FLAT Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
FX-FLAT Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if FX-FLAT might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online FX-FLAT reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of FX-FLAT, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like FX-FLAT enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “FX-FLATreviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising FX-FLAT.
You should always look out for consumer complaints. In the case of FX-FLAT, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about FX-FLAT? You can share your complaint in the comment section or submit an anonymous tip.
Is FX-FLAT Legit Or a Scam?
FX-FLAT is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind FX-FLAT can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust FX-FLAT?
FX-FLAT raises multiple red flags, including fraudulent regulatory claims, an ambiguous firm structure, and dubious trading platforms. To ensure a secure trading experience, select brokers who are authorized by respectable authorities and provide transparent and extensive information about their operations and services.
All the evidence suggests that FX-FLAT might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
