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Networkfsi Review: Learn More About This Broker
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Networkfsi is a fraudulent broker. So, their claims of being a reliable, legitimate, and profitable company are false. Unfortunately, the FX market is full of deceitful individuals. So it’s likely to fall prey to their schemes. Moreover, that is one of the reasons we made this Networkfsi review.
From the beginning, this particular firm was not what it appeared to be. Networkfsi misrepresented its location and had deceitful bonus clauses. Furthermore, the company’s trading conditions are questionable. They have an excessive leverage ratio and a high possibility of platform misuse.
Interestingly, they offer many trading instruments. Still, that part is correct, but we do not believe their services are compelling. We have provided a full review of these issues down below.
|Headquarters||UK, Canada, Belgium|
Regulation of Networkfsi and Funds Security
We can see several signs that Networkfsi does not have a valid license. They claim to abide by Estonian laws, but the Estonian Financial Supervision Authority’s database does not list Networkfsi. Networkfsi has phone contacts in the UK, Canada, and Belgium. On that account, they suggest having offices in these countries.
Yet, these countries have their regulators. It is unlikely for them to allow an illegitimate broker like Networkfsi to operate. Furthermore, Italy’s regulator, the CNMV, has issued an official warning about Networkfsi. All in all, Networkfsi is a complete scam.
Always check if a broker has a regulatory certificate before choosing them. If you lose money to an unregulated or offshore broker you will have limited legal options. Only licensed brokers in your jurisdiction can receive complaints. That’s why we recommend avoiding unlicensed brokers. And on top of that, avoid brokers who operate outside of your jurisdiction, no matter if they have a license or not.
Review of Trading Software
After examining its trading platform, it seems they are trying to imitate the MT4 web trader. But, we have to say they are failing to do so. Although there is the presence of a few useful functions, we see no reason to trade using this bogus web trader. Moreover, as we stated in the title, please avoid using this scammy broker.
MT4 provides significantly more depth compared to the web trader. Additionally, it offers a wide range of helpful tools for traders. Yet, it’s worth nothing when dealing with an offshore broker. They often manipulate their platforms, regardless of the software used. Hence, you must be sure that you always deal with licensed firms to avoid such risks.
What Account Types Does Offer?
Trading accounts at Networkfsi are somewhat interesting. Let’s hop into them!
- Green: up to 5,000 EUR
- Premium: up to 25,000 EUR
- Platinum: up to 50,000 EUR
- Executive: up to 100,000 EUR
- Presidential: up to 250,000 EUR
To begin trading with Networkfsi, a minimum deposit of 250 EUR is required. This amount is higher when compared to the offers of legit brokers. In fact, some of the best brokerage firms allow traders to open a live trading account for as little as 5 USD.
What Can Be Traded on Networkfsi Market?
For the purposes of this Networkfsi review, we are going to reveal all their trading instruments to you. These are as follows:
- Forex: EUR/USD, USD/CAD, GBP/CHF
- Crypto: Bitcoin, Litecoin, Ripple
- Indices: S&P 500, DAX30, FTSE100
- Shares: Facebook, Amazon, Microsoft
- Commodities: gold, crude oil.
Deposit and Withdrawal Process
The user area is extremely unhelpful. We couldn’t find reliable information about the deposit and withdrawal process. Yet, credit cards and bank transfers are available.
Their website shows a minimum deposit of €5,000 for a green account. That seems unreasonable. But, to start trading at Networkfsi, you need to deposit at least 250 EUR. That is something we find confusing.
Furthermore, the information about fees was minimal and vague. Yet, as they claim, fees are applicable. And on top of all that, they have a confusing clause about non-deposited funds. It specifies that traders cannot withdraw any profits earned from trading.
How Do I Get a Refund If I Was Swindled by Networkfsi?
You don’t need to panic if you have incurred losses with Networkfsi. Please remember that you are not alone. Others have also been in similar situations before, and there may be others in the future. Even the most careful investors can make mistakes from time to time. Using such experiences as a chance to learn and grow is crucial. We hope that this Networkfsi review will help you in some way.
The first step you should take is to start the refund process right away. Then contact your bank or credit card provider. You need to explain to them that you have been scammed by an unregulated trading company. Also, mention that you deposited funds with them and that the company is now refusing to refund your money. This is, for now, the simplest approach that can help you get your money back.
- Networkfsi operates without a valid license.
- CNMV has issued a warning against the company.
- Networkfsi’s bonus clause is entirely malicious.
- The trading platform offered by Networkfsi is of poor quality.
FAQs About Networkfsi Broker
Is Networkfsi A Good Broker?
No, they are a scam broker that should be avoided at all costs. Keep this in mind.
What Are The Funding Methods For Networkfsi?
The funding methods are credit cards, bank transfers, and wallets (Neteller, Skrill, and Fasa Pay).
Does Networkfsi Offer a Demo Account?
Yes, it does, but since Networkfsi is a scam broker, a demo account is worthless.