As a forex trader, you must thoroughly evaluate every online financial trading company before depositing your money. A recommended course of action includes verifying the broker’s trading credentials and regulations, inspecting if there are official warnings against it, and assessing its trading conditions. By doing so, it will prevent being scammed.
Note that global markets are inundated with fake brokers. One of them is Networkfsi. In the following Networkfsi review, we give reasons why this shady brokerage company should not be trusted.
So, let’s start with a quick overview of the Networkfsi broker. First and foremost, it is not licensed nor authorized to operate anywhere. Then, two major financial authorities (CNMV and CONSOB) put it on a warning list. Apart from this, its trading environment is inopportune. Thus, there is no single reason why anyone would want to invest with Networkfsi.
On top of that, we seriously recommend you not to invest in the fake brokers RaiseFX, Fivoro, and Equalpros. Do not trade with these unlicensed brokers if you want to save your money!
| 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 a Safe Trading Company Or a Scam?
As introduced, Networkfsi doesn’t hold any broker’s license. Not only that it is an unauthorized business but is an exposed scam. All of this means that you can expect nothing but to be defrauded and lose your money to this unscrupulous broker. In addition, pay no attention to positive Networkfsi reviews on the web since they are fabricated to lure you into trading.
Networkfsi is an unlicensed and unregulated broker that is blacklisted by Spanish CNMV and Italian CONSOB. Other than that, it renders disadvantageous trading services based on deception.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Instead of dealing with withdrawal issues and unlicensed brokerage companies, certified brokers offer many advantages. For sure, the most important is its reliability and security of funds. For example, forex providers licensed under FCA, BaFin, and ASIC are regarded as the best in class. That is because these financial market regulators are well-known for stringent licensing requirements. Traders particularly appreciate coverage against bankruptcy by these supervisory bodies, which means that a trader of an insolvent broker can be indemnified with up to 100,000 USD.
The Spanish Regulator CNMV Has Issued a Fraud Warning.
As we pointed out, one of your precautionary measures should include checking if any watchdog has issued a warning against a broker. In the case of Networkfsi, searching the web yields disturbing results. That is to say that this broker appears on the list of fraudsters. First, the Spanish regulator CNMV cautions against Networkfsi. Then, the Italian regulator CONSOB does the same. These two alerts are more than enough for staying away from this fraudulent broker.
What Platform Does Networkfsi Provide Access To?
When it comes to trading platforms, every trader knows that synonyms for the best and safe trading are MetaTrader 4, MetaTrader 5, cTrader, and Sirix, among others. These state-of-the-art programs are widely used because of their reliability, ease of use, versatility, and advanced features (social trading, stop loss, automated trading, etc.). They allow you to copy most successful traders, prevent losses, and execute orders quickly, to name a few benefits.
Speaking of trading software provided by Networkfsi, it is a web trader that can’t hold a candle to the above-mentioned programs nor can it ensure successful trading.
Mobile App & Tablet
In the matter of trading on cell phones and tablets, it is possible thanks to the adaptability of modern trading platforms (above-named). This enables traders to trade on the go without expense at serviceability. Thus, all legitimate brokers utilize this feature along with their proprietary mobile trading apps available on Google Play Store and Apple Store. In relation to a web trader offered by Networkfsi, its functionality on mobiles and tablets is as poor as on desktops.
What Do We Know About 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.
To start trading at Networkfsi, you must deposit a minimum of 250 EUR. When it is compared to the offer of legitimate brokers, it is several times higher. For instance, with some of the best brokerage companies, you can open a live trading account for as low 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.
Does the Broker Offer a Demo Account?
Unquestionably, a demo account option is extremely useful, especially for beginners. It allows you to practice trading with no costs and risks. Also, with this option, you can test the broker’s trading environment and trading platforms. Although a demo account gives many benefits and is available at Networkfsi, it is pointless to open it here as this dishonest scam broker will take any opportunity to defraud you. Therefore, if you need to practice trading, choose a demo account version at credible forex providers.
Areas Of Networkfsi Scam
With reference to which countries Networkfsi operates in, as verified, it is not accredited to render online financial trading services anywhere. It operates illegally, scamming traders from
- Spain
- Albania
- Switzerland
- UK.
Bear in mind that all brokers must be licensed under respective financial market regulators to legitimately operate. A broker’s regulation can easily be checked by determining its jurisdiction and then of a relevant authority.
Also remember the names of the MorganFinance, MilleniumOne and Firmon trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Leverage, Spreads, and Fees
In relation to leverage, this illegal broker has set a leverage ratio at 1:200, which goes against the ratio of many jurisdictions. Although leverage is an excellent instrument for making profits, it is also risky and requires considerable knowledge. That is why many financial authorities limit leverage for retail traders (1:30 in the UK, 1:50 in the US).
With regard to spreads, they determine how much traders are charged for trading (plus trading commissions). Networkfsi offers different spreads, depending on the type of accounts, ranging from 2.5 pips to 0.5 pips. As regards trading fees, they are not revealed. However, since this broker is untrustworthy, don’t expect fairness.
What Is Known About Networkfsi’s Trading Conditions?
Concerning Networkfsi trading conditions, let’s take a look at the funding and withdrawal process. As per its website, this bogus broker accepts credit and debit cards, bank transfers, and electronic wallets (Neteller, Skrill, and Fasa Pay). Ironically, this proven fraudster claims that its policy regarding depositing and withdrawing is in accordance with anti-fraud law. We are sure that transferring your money to Networkfsi is not an issue since this financial swindler can’t wait to get hold of your money.
However, there are no withdrawal guarantees with this pure broker scam. Anyhow, find out in the next heading what you can do if you are ripped off.
Scammed by Networkfsi Broker? – Let Us Hear Your Story
While on the subject of online trading scams if you are a victim of Networkfsi, you should know that getting your money back is possible. All victims need to notify the relevant authorities and warn other traders. Also, don’t feel embarrassed about reporting the scam since anyone can be defrauded. Remember, think twice before investing money with any broker.
But What Is A Chargeback?
If you asking how to get refunds, then the answer is through a chargeback. This method depends on the payment gateway. For example, you can apply for cashback with VISA and Mastercard, but it must be done within 540 days. Likewise, wire transfers can be canceled, yet, it is doable only if you haven’t confirmed a transaction.
Lastly, fraudsters like Networkfsi supports only crypto wallets for deposits since crypto payments are challenging to trace and reverse. Nevertheless, our company can help you retrieve your money even if crypto payments. Thus, contact our chargeback experts for more info and free consultation.