SpeedyExchange is a very smart and unique name for a broker, there is no doubt about that. It is easy to find and easy to remember, which is always a good thing, especially for SpeedyExchange who are not regulated. What makes this company even more dangerous is that it feels and looks legit, even though it is the complete opposite.
This is only because the broker still does some of the most common things that scam brokers do. The first thing that comes to mind is how the website looks and how the images and texts have been moved around. It’s hard to explain because we’ve seen this happen many times, but our readers haven’t seen it before. Once you start to see patterns, things will start to make more sense.
The process of making an account is one of the best ways we’ve found to find out if a SpeedyExchange is regulated or not. This is the most common way for unregulated brokers to sign up for an account. It is similar to a template that 80% of brokers use. And this has become a very clear sign that the company is not real.
It was easy to open an account, and we were taken to a webtrader we knew right away. Still, we were able to get pretty accurate trading conditions, which is a big deal given that the SpeedyExchange is breaking the law. We learn that users can trade forex currency pairs, cryptocurrencies, indices, commodities, bonds, stocks, and ETFs. The cost of trading EUR/USD was about 3.7 pips. The amount of leverage we were given was 1:200. Overall, the Spread is way too high to be considered profitable in any way. This makes the trading conditions unacceptable.
The company’s website is only available in English.
SPEEDYEXCHANGE REGULATION AND SAFETY OF FUNDS
The most important parts of the review will also be the shortest, since they don’t really have anything to say.
The only thing that looks like a rule is that the SpeedyExchange is registered in the United Kingdom, which is written on the website. But this doesn’t tell us very much.
In the UK, you must have a license from the FCA in order to offer legal forex trading services. SpeedyExchange doesn’t have any proof that it is licensed, and we couldn’t find any proof anywhere else.
In the end, the SpeedyExchange is not regulated, and the company is in bad shape. Company is for sure against the law.
Putting your money in brokers who aren’t regulated is like throwing it out the window. They will rarely give you your money back, and even if they did, it would be a huge hassle and take a lot of time.
Because of this, we tell our users to only trade with SpeedyExchange who are regulated. Please, check for a license before doing anything else after you find a broker you think is worth investing in.
We recommend brokerage firms in the UK, EU, US, or Australia. All of these regulated SpeedyExchange are very reliable and offer a safe place to trade.
Also, agencies like the FCA and CySEC have user compensation funds that are only used if the SpeedyExchange can’t pay the user back because it went bankrupt. The FCA guarantees up to £85 000 per person, and CySEC guarantees up to €20 000 per person.
Here, one of the most well-known trading programs was used. Many brokers from SpeedyExchange who are not regulated use this site almost every day. It has a strong visual side and a couple of very impressive trading options that work well together.
SPEEDYEXCHANGE TRADING SOFTWARE
These are pending orders, live TV and news feeds, and other charts that help improve the trading experience. We can see that the software is pretty good, but it will get old for people who have used it for a long time.
SPEEDYEXCHANGE DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we can see that clients can use the following ways to pay: Bank transfer. No matter what the website says, there is no other way to pay for the item. And there doesn’t seem to be a minimum amount you have to put in. Users are encouraged to put their money straight into an account. Either $250 or $10,000 is the smallest amount you can put down. All of it depends on which part of the website you look at. The difference between these two amounts of money is huge, which makes the truth even more important. We don’t know what the real minimum deposit is, though.
In the withdrawal section of the user dashboard, users can see that they can get their money out by bank transfer, credit card, or bitcoin wallet. From the legal papers, we know that the minimum withdrawal for a wire transfer is $500 and that the minimum withdrawal for a credit card is $100. There are no fees for withdrawing money.
Overall, SpeedyExchange broker is a huge risk and a scam that isn’t regulated. Please don’t put your money with this broker.
How does the scam work?
One of the most common ways to lose money in a forex investment scam is through something that is so easy to understand. If you look at it in a positive way, a scam is made up of a few very simple steps that still require a lot of knowledge and authority to pull off.
In fact, investment scams work so well not because of how they are set up, but because the people behind them are very good at getting people to do what they want. They have a lot of psychological and social tricks up their sleeves.
In fact, the hardest part of any scam is meeting the person behind it in person. This usually happens over the phone, but it can also happen through email.
Online ads are the fastest and most useful tool they have. There are a lot of fake and misleading ads on the internet. They keep changing so that they look more and more like real businesses, but they are still scammers at heart. Everyone has seen at least a couple of these ads, which show a carefree life, expensive products that can be used on the go, beautiful women, and other things that are really expensive and hard to get.
Scammers who want to take your money are behind these ads. When you get to the website, you will be asked to give a phone number or email address so that the broker can get in touch with you.
The people running the scam will ask you to put money into it. He or she will try many different things to get you to invest. This is just an offer to buy something. Investing a small amount at first will help you build trust with the scammer, which could lead to more and bigger investments.
If the user keeps investing and trusts the broker, he or she will keep putting money in places where it will be hard to get it back.
And when it’s time to get your money back or at least take out a profit, the company’s true nature as a scam will become clear. The broker will either close all of your accounts, stop talking to you, shut down the whole website, or put all of your requests on hold. Sometimes, it will even give you back a portion of your deposit and profits to make you feel safe.
What to do if scammed?
Now, the fastest way to get your money back is to ask your credit or debit card company for a chargeback. But this only works for people who have actually lost money using a card. The chargeback time for MasterCard and VISA is 540 days.
Bank transfers are harder to get back. First of all, we always tell users to change their username and password for their bank account right away. The next step is to talk to the bank and try to solve the problem with them. The bank might have a special section for dealing with these kinds of problems.
Investing in a regulated broker with any kind of cryptocurrency is a surefire way to lose your whole deposit. Even in the modern world, crypto transactions can’t be tracked, which makes crypto deposits the most popular way for unregulated brokers to get money for investments. All of the money put into a crypto wallet is lost for sure.
And a warning to everyone who reads it! Do not trust the so-called “recovery agency” or “recovery agencies.” Their promises to return all of your money are just as false as the broker scam itself. They will take the money from the initial fee for the fake services and run away.
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