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Networkfsi Broker Review
As a forex trader, you must thoroughly evaluate every online financial trading company before depositing your money. Let’s begin with a short description of the Networkfsi broker. To begin with, it is not licensed or permitted to operate anyplace. Afterwards, two major financial regulators (CNMV and CONSOB) placed it on a watch list. Apart from that, its trade environment is unfavorable. As a result, there is no one rationale for anyone to invest in Networkfsi.
Broker status: Unregulated Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites: networkfsi.com
Blacklisted as a Scam by: CNMV, CONSOB
Owned by: N/A
Headquarters Country: UK, Canada, Belgium
Foundation year: 2022
Supported Platforms: Web trader
Minimum Deposit: 250 EUR
Cryptocurrencies: Yes, Bitcoin, Tether, Ethereum
Types of Assets: Forex, indices, shares, crypto, and commodities
Maximum Leverage: 1:200
Free Demo Account: Yes
Accepts US clients: Yes
Is Networkfsi safe?
As previously stated, Networkfsi does not possess a broker’s license. Not only is it an unlicensed company, but it is also a well-known swindle. All of this indicates that you may expect to be duped and lose your money at the hands of this dishonest broker. Moreover, ignore optimistic Networkfsi evaluations on the internet because they are created to entice you to trade.
Networkfsi is an illegal and unregulated broker that has been banned by the CNMV in Spain and the CONSOB in Italy. Apart from that, it provides unfavorable trading services based on deceit.
Instead of dealing with withdrawal concerns and unauthorized brokerage firms, accredited brokers provide several benefits. The most significant aspect, without a doubt, is its dependability and financial stability. Forex firms certified by the FCA, BaFin, and ASIC, for example, are considered the top in class. This is due to the fact that these financial sector authorities are well-known for imposing severe licensing requirements. Traders value these regulatory organizations’ coverage against insolvency, which implies that a trader of an insolvent broker can be compensated up to $100,000 USD.
Spanish Regulator CNMV Warning
As previously stated, one of your preventative actions should involve investigating whether any watchdog has issued a warning against a broker. Searching the web for Networkfsi produces alarming results. That is to say, this broker is on the list of scammers. To begin, the Spanish regulator CNMV warns about Networkfsi. The Italian regulator CONSOB then follows suit. These two warnings are more than enough to keep you away from this dishonest broker.
Networkfsi Platform
When it comes to trading platforms, every trader knows that MetaTrader 4, MetaTrader 5, cTrader, and Sirix, among others, are synonyms for the greatest and safest trading. Because of their dependability, simplicity of use, adaptability, and sophisticated features, these cutting-edge applications are frequently utilized (social trading, stop loss, automated trading, etc.). To mention a few advantages, they enable you to mimic the most successful traders, avoid losses, and execute orders swiftly.
Speaking of Networkfsi trading software, it is an online trader that cannot compete with the aforementioned tools and cannot guarantee successful trading.
Networkfsi Account Types
Regarding trading accounts at Networkfsi, there are the following types.
- Green: investment 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.
A minimum deposit of 250 EUR is required to begin trading at Networkfsi. That is many times greater when compared to the offer of genuine brokers. For example, some of the finest brokerage firms allow you to start a live trading account for as little as $5 USD.
As for trading instruments, Networkfsi reportedly enables the following.
- Forex: EUR/USD, USD/CAD, GBP/CHF
- Crypto: Bitcoin, Litecoin, Ripple
- Indices: S&P500, DAX30, FTSE100
- Shares: Facebook, Amazon, Microsoft
- Commodities: gold, wheat, crude oil.
Demo Account
Without a doubt, a demo account option is highly beneficial, particularly for novices. It enables you to practice trading without incurring any expenses or risks. You may also use this option to test the broker’s trading environment and trading platforms. Although a demo account has numerous advantages and is offered at Networkfsi, opening one here is futile since this dishonest scam broker will take any chance to swindle you. If you need to practice trading, get a demo account version from a reputable forex service.
Areas Of Networkfsi Scam
In terms of which countries Networkfsi works in, it has been verified that it is not accredited to provide online financial trading services anywhere. It works illegally, defrauding traders from Spain, Albania, Switzerland, and the United Kingdom.
Keep in mind that in order to operate legally, all brokers must be licensed by their individual financial market regulators. The regulation of a broker may be simply verified by ascertaining its jurisdiction and then that of a competent body.
Leverage, Spreads and Fees
In terms of leverage, this unlawful broker has established a leverage ratio of 1:200, which is contrary to the ratios used in several jurisdictions. Although leverage is a fantastic tool for increasing income, it is also hazardous and needs extensive understanding. As a result, several financial regulators restrict leverage for ordinary trading (1:30 in the UK, 1:50 in the US).
Spreads, on the other hand, dictate how much traders are charged for trading (plus trading commissions). Depending on the kind of account, Networkfsi offers spreads ranging from 2.5 pips to 0.5 pips. Trading commissions are not disclosed. But, because this broker is untrustworthy, you should not anticipate impartiality.
Trading Conditions
Let’s look at the financing and withdrawal procedure in relation to Networkfsi trading circumstances. This phony broker, according to its website, takes credit and debit cards, bank transfers, and electronic wallets (Neteller, Skrill, and Fasa Pay). Strangely, this confirmed scammer claims that its deposit and withdrawal policies are in line with anti-fraud legislation. We are confident that transferring your funds to Networkfsi will be simple because this financial swindler is eager to obtain your funds.
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