We are here to provide you the Covey FX broker review to find out whether Covey FX is scam or not? So let’s find out what is covey-fx.com in real.
About Covey FX
Covey FX is a broker that promises to give a convenient access while offering an ultimate trading experience in the financial market. It claims to make work easier by offering one stop trading platform.
They advertise access to the metatrader 4 as their functional trading platform. The broker claims to have over 50 financial instruments for trade.
Should you trust Covey FX?
Covey FX does not seem to be a trustworthy broker due to the following reasons:
- Covey FX is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like Covey do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Covey FX provided address in Hong Kong and Singapore but there is no license to show that they can run a financial service in these jurisdictions. Their MT4 platform files are corrupt and they failed to specify their trading conditions on their website.
Is Covey Safe?
Covey FX is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
Covey FX is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How Covey FX Works
It is risky trading with an unregulated broker like Covey FX, as most of them turn out to be scams. You will notice how the scam broker works immediately you make a deposit to their platform. They will use many tactics to make you deposit more.
Covey FX will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
They will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
It is in your best interest to avoid Covey FX, because it is hugely unregulated and has the features of a scam. Their website was made in a hurry and lacks essential information, which are features of a scam trading site.