Magic Compass Scam Review: Get Money Back
prowayfx.com is an offshore broker which is not regulated by any reputed regulation authority in its region. The broker may operate in many countries without the regulation required by the reputed regulation authority in its country like CySec, ASIC, FCA, CNMV etc. But regulation can’t be the only reason for calling this broker as a scam. Many Complaints and negative prowayfx reviews and other possible scam features can also be the reason. Your funds may not be safe if you are trading with this broker.
Prowayfx is an online trading platform that claims to offer the earning of passive income. But, the truth is, Prowayfx is one of the potential tricks. If you do not want to lose your investment, it is better to keep your money away from this broker. Prowayfx is a Trading Platform. It’s an MLM company that operates in the crypto niche. The broker doesn’t even share any information about its staff on its website. What makes the broker more suspicious is – they share stock pictures as staff members on its website. Also, they shared one video with a paid actor claiming him to be a staff member. All these things are the proof of – how fake and untrustworthy the broker is and how unsafe your investments are.
On the other hand, Prowayfx can’t get their deceptions straight. In an attempt to look authorized, they arranged an FINCEN certificate for an MSB registration. Generally, offshore scammers get this certificate using the wrong information.
Possible scam activities of scam broker Prowayfx
Here are some of the possible reasons why we have flagged this broker as a scam broker in this Magic Compass review.
- The broker may have made a number of false claims through its website.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The broker makes continuous calls to the traders and urge them to invest higher and higher amounts.
- The broker promises return which are too good to be true.
- The risk warnings may not be disclosed on their webpage or that would be hidden.
- The broker may be located in the countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are haven for the scam brokers.
- This broker provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals and ultimately you are not able to make withdrawal.
- Broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes name and website URL without any notice to existing traders.
Is Magic Compass a scam?
Despite what any Magic Compass review has told you, Magic Compass is a suspected scam. We don’t recommend trading with them. If you are already trading with Magic Compass we recommend you immediately cease depositing any amount of funds with them, in particular if they are asking for a fee to withdraw your money. DO NOT PAY IT.
Negative Prowayfx Reviews and Complaints
Prowayfx has gotten many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScamBroker has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed this broker in the list of scam brokers warnings.
Is Prowayfx Legit or a Scam?
ReportScamBroker does not recommend traders to trade with this broker and your funds may not be safe with this broker and Prowayfx review is negative. Instead look for regulated and reputed brokers who can really help in growing your investments.
When searching for brokers to conduct your trading activities with, the first and most important step should always be to learn about their certification(s). This will tell you whether they are regulated by a central authority or if Prowayfx is an offshore and/or unregulated entity.
When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction. Some examples of regulatory authorities that issue brokerage licenses are:
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Conduct Authority (FCA)
- The Australian Securities and Investments Commission (ASIC)
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.
Got Scammed by Prowayfx?
If you have lost money with Prowayfx, don’t panic. You are not the first and you likely won’t be the last. Mistakes can happen even with the most cautious of investors, and should be used as a learning opportunity.
The good news is that there is help available. The team at ReportScamBroker – a specialist group dedicated to helping consumers recover funds lost online – is available 24/7 and has helped consumers all over the world recoup millions of dollars.
A chargeback is the retroactive cancellation and refund of a charge made using your credit card, wire transfer or some other payment methods.
By putting together a compelling chargeback strategy from beginning to end, victims of online fraud have a relatively high probability of recovering some of all of their funds lost.
Click the button below, and validating your eligibility for their programs, ReportScamBroker will help you build a solid case to regain your funds as soon as possible.