Elmercado FNX Review – Deceptive Practices Unfold

Seasoned Forex professionals, how the miscreants running this scheme refer to themselves, are inviting you to embark on a trading journey of your life. Their alleged expertise, transparency and dedicated support are just some of the key aspects that put their service above all others. That’s at least how they want you to see them. 

However, the leading Spanish regulatory authority wasn’t so easy to deceive. This Elmercado FNX review reveals the ulterior motives of the perpetrators and what to do in case you’ve been led into a trap. 

Fully Anonymous

Next to nothing is known about this shady company. No corporate information is present. Our only clue to base our investigation on was the default site language and company name being Spanish. 

After checking with the state regulator in Spain, we found out that CNMV has never licensed them, yet has issued a warning against this company. 

We first wanted to make sure the conduct wasn’t licensed by any Tier 1 regulatory body, such as FCA, NFA, CONSOB, BaFin and CySEC, so we consulted these institutions. Being certain that the company is nothing but a fictitious internet concept designed to defraud traders, we can only recommend you to stay away, like you should from Fin Venture, as well. 

Lies That Perform Best

Whoever is the mastermind pulling the strings, they must already be experienced in internet fraud because they sure seem successful at manipulating traders from:

The domain was registered only recently, just this August, as data from WhoIs suggests. No doubt the engagement of boiler room agents does the trick. 

Constant calls, emails and unwanted messages promoting investment platforms and trading campaigns sure get under the skin of novice traders. The scam agents have the patience of a saint, when it’s for the purpose of money extortion. Whatever they promise is, sadly, just a fabrication, so be cautious and refrain from signing up for risky deals.

Made Up Ratings Conceal Intentions

The fastest way to obtain positive ratings and admirable public image is by buying the services from review selling networks. That’s how a blacklisted firm such as this one can attain an average rating of 3.8 out of 5 on Trustpilot and 4.4 out of 5 on Sitejabber.

However, the involvement of these is quite obvious, once you start paying attention to the reviews. They all sound overly generalized and as if written by users that have no connections to the Forex world or experience with the poor services provided by this brand.

Altered Trading Conditions

As many times before, we have to warn our audience once again of the dangers of trading under increased exposure. CNMV was right to blacklist this fraud for also disrespecting the currently enforced EEA regulatory law that limits the leverage to 1:30. 

The Elmercado FNX scam offers a high starting leverage of 1:100 and a final ratio of up to 1:400. Also, no trading costs are revealed. Yet, legal papers say that the company may, at its sole discretion, alter the trading costs and conditions without any prior warning, and therefore increase or decrease spreads on any instrument!

Undisclosed Bonus With Cruel Terms

Although you will not see an explicit declaration about the bonus availability, T&C discuss the terms. Firstly, the bonus is added to your total account balance by the company, so you don’t have the option to choose it or reject it. 

Secondly, the trading volume requirement needed to be achieved in order to be able to withdraw anything from the credited account is (bonus amount / 4) x50 = number of lots.

Not Even Average

Features and tools that are promised to enable traders to achieve Forex greatness are nothing but baseline options that cannot compete with industry standards.

For instance, the deceptively comprehensive web trader isn’t even remotely functional. Offer of specialized trading accounts doesn’t exist and the range of instruments is different from one page to another to terminal. 

Bogus Distribution

Fundamentally useless web terminal provided on this domain, as well as the one provided by Inertia Finance, miserably fails in comparison to the leading software like MT5 and cTrader. User-friendly at a glance, it still lacks even the basic functionality and tools. 

The easier navigation shouldn’t be achieved by cutting down the selection of useful tools, but by offering options for better customization of the distribution and layout. Under the pretense of equipping you with a more understandable environment, the swindlers try to sell their cheap product ridden of components and purpose.  

Access To Markets

Nothing is admirable about the average and most basic offer of instrument groups provided by a phony broker:

• Forex (EUR/USD, USD/AUD, EUR/GBP)
• Indices (Dow Jones, Nasdaq, DAX, CAC)
• Commodities (Cotton, Sugar, Wheat, Gold)
• Shares (Tesla, BMW, Ford, Ferrari)
• Crypto (BTC, ETH, XRP)

Zero Accounts To Select

The website itself, being very obscure about the crucial information and elements of the offer, does not disclose the available package types. Since no trial testing of the platform is allowed either, we can only assume that one live trading account is given. 

The downside is that you won’t even be able to find out more about it, as there’s no concrete details on the options and tools it includes. Not even the deposit requirement is revealed!

Payout Requests Handling

The firm in question is anything but transparent about the withdrawing conditions and prices. Some scarce information is available, but its credibility is highly questionable. For example, the client panel says that it takes at least 7 business days to process a payout request. This claim is backed by no real proof. 

The same goes for the statement about $50 being the minimum amount and fee-free credit card withdrawals. Since the client area only showed BTC channels available for depositing, severe AML rule breaking is also at work. 

No One Answers

It simply doesn’t matter how many emails you may send or fill online forms over and over again. The answer will never come. It’s as if the site has purposely intended to leave an impression of employing diligent customer service while none exists in reality. 

Options For Fraud Victims

Probably the worst thing to do for your lost funds is let the cyber thief get away with it. Please do not accept such fate. As soon as you start suspecting your broker of choice is playing tricks on you and not treating you right, report it to the financial authorities. 

Furthermore, if you’ve already lost funds to an internet scam, contact us immediately. We have a team of legal professionals that can help you with advice and guidance to retrieve your capital.

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