Name of Broker – Covey FX
Website – https://www.covey-fx.com/
Address – 50 Raffles Pl, Singapore 048623
Owned by the – NA
Warning Issued By – Monetary Authority of Singapore (Singapore)
Covey FX Domain Status:
|Date Registered||December 24, 2021|
|Domain Age||8 months, 8 days, 22 hours, 13 minutes, 35 seconds|
If you are thinking to invest with Covey FX but avoid the scams, read the Covey FX review and get to know about the scam activities of broker in detail.
There may be a risk of scams in online trading like Forex trading, Cryptocurrency trading, Binary trading, and others. Some of the major online scams we heard about are Forex scam, Cryptocurrency scam, Investment scam, Romance/Dating scam, Pet scam, Binary scam, etc. The scam brokers have a common way of fooling victims either. They either do it through cold calling, creating fake websites, or pop-up advertisements. Similarly, after investigating Covey FX broker, we found multiple proofs of scam activities done by Covey-fx.com. Read a complete Covey FX review to know more about this broker.
Is Covey FX broker a scam or legit?
While trading, it is immensely important to identify a broker that is reliable and legit. But, there are some reasons why we have tagged this Covey FX Review in our scam broker 2022 list of scam brokers. Here are some points that you need to know about Covey-fx.com.
Covey FX Review: Regulation
While choosing a broker online, the regulation status is one of the most critical points. Here, Covey FX seems not to be regulated in its jurisdiction of operation and is indulged in scam activities. There is a high possibility that the broker has been warned by reputed regulation authorities like CySec, ASIC, FCA, CNMV, FINMA, etc. Warning issued by any of these authorities clearly indicated that the broker is not a good fit to invest your hard-earned money with. Thus broker seems to be lacking such regulation or there is no proof of it.
Covey FX Review: Complaints
A number of complaints and negative Covey FX reviews have been found regarding the scam broker on various online review sites. A low rating on several online platforms makes it clear that the broker has a negative reputation among the investors. The investors have accused them of being scam brokers and state how they have been victims of the Covey FX scam and lost all their money and efforts to them.
Covey FX Review: Leverages and Accounts
The genuine brokers that are operating in the market often require low deposits. High deposits are not in the favour of the regulatory bodies. Whereas, this broker tends to charge a huge deposit amount which is a major red flag to avoid moving further with your investment journey. The same criteria go with leverage, as the leverage offered by legit firms is low and in small amounts. Whereas, the broker tends to offer high leverage, shaping it as a scam broker. This broker offers high leverages which can cause a big loss to traders if things go wrong.
How to identify a scam?
In the time of informatization, it is not difficult to check the legitimacy and reliability of any company or broker. It is simple to safeguard yourself against fake brokers or blacklisted brokers. However, if you want more information, you can read these common practices followed by scam brokers.
- They guarantee high benefits.
- They may not be regulated by any major authority like FCA, FMA, FINMA, ASIC, SEC, etc.
- They promise to offer risk-free trading.
- They follow some unprofessional practices and dubious strategies.
- They did not share any contact information on their site.
Covey FX Review – Conclusion
It is tough to recognize the fake brokers from first look – yet that is the place where we can help. If you want to invest in online trading, it is good to look at the list of scam brokers 2022 and avoid the brokers present on the list. This will help you in safe trading and also keep your investments safe with the right broker.
All Scam Reports Team advises the user to avoid investing here, as we have found that the Covey-fx.com broker is suspicious, and operating without any legal license. There has been proof of some suspicious activities similar to the signs mentioned in the Covey FX review.
So it can be concluded from this Covey FX review that this broker is a potential scam.
Investors should always remember that the scammers don’t have any right to take away their funds in illegal ways and hence, it is their responsibility to fight for it and get it back from the scammers. All Scam Reports Team is here to help you out in this situation of fund recovery. All you need to do is to fill out a small complaint form and we will be in touch with you shortly with a Free consultation.
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