WikiFX Review: What You Should Know About SpeedyExchange

SpeedyExchange is a company that presents investors with an opportunity to control their life financially. The venture has cryptos, CFDs, commodities, indices, stocks, and ICOs services. It wants to appear like a multinational scheme. They even allegedly hire expert wealth managers.

Sadly, this platform is targeting the vulnerable in the market. The firm even has a retirement account. The biggest mistake you can make is to trust a shady venture with your pension funds. These Ponzi schemes will put you to an early grave. You will lose your last penny. A 7.23% annual return sounds like a great offer, but this is utopic in this bogus platform.

WikiFX has learned that users can trade with forex currency pairs, cryptocurrencies, indices, commodities, bonds, stocks, and ETFs at SpeedyExchange. The EUR/USD cost of trade was around 3.7 pips. Overall, the spread is way too high to be considered profitable in anyway, making the trading conditions unacceptable.

SpeedyExchange Regulation

SpeedyExchange is not a legitimate company – WikiFX would consider a broker that holds a license with a regulatory body to be such a firm. And SpeedyExchange is not authorized by anyone – all the broker has is the following fake UK address:

To operate in the UK, a company needs a license with the FCA – one of the strictest regulators in the world. And SpeedyExchange does not hold one, because it contradicts FCA policy no less than three times – firstly, the broker offers access to crypto CFDs. This asset class was banned by the FCA last year, citing the prevalence of crypto scams and the volatile market.

Secondly, the broker offers a leverage of up to 1:200, when the maximum amount the FCA allows retail traders to access is 1:30.

And finally, the company issues bonuses, which is another thing the FCA prohibits. The bonuses SpeedyExchange issues are exactly the reason for the ban. For now, it suffices to say that SpeedyExchange is not a licensed broker and, as such, cannot provide you with any of the protections that FCA-licensed companies afford – they are access to guarantee funds, a Negative Balance Protection policy and much more.

SpeedyExchange Feedback

Traders complaining about being scammed on social media:

SpeedyExchange Accounts

The venture has several trading accounts that clients can choose from. The entity guarantees users it does not have hidden fees or additional charges of spreads. Whichever plan you choose, the company provides an overview of the market. Clients can trade using a phone or computer. They also have an expert team that is ready to assist.

They have a silver package that accepts a minimum deposit of $10,000. This is way expensive, yet there are genuine schemes in the market that accept even $10. We do not see anything unique regarding SpeedyExchange. It has a leverage of 1:100 for currency pairs, 1:1 for the rest of the assets.

SpeedyExchange Trading Platform

SpeedyExchange provides access to a web-based trading platform that is quite lacking in features when compared to industry standard Metatrader 4 – especially when it comes to automated trading, which is not available with the SpeedyExchange platform. Here is what that software looks like:

The Domain Insight

SpeedyExchange.com is a company that is privately registered. The venture made its first digital footprint in May 2003. The domain shall expire in May 2023. The information of the founder is not available.

Despite being in the market for a decade, the broker lacks a trading history. Their traffic is also wanting and proves there is nothing for investors in the shady scheme. We cannot tell where their clients are mainly coming from, but they target UK and EU citizens.

Conclusion

In a nutshell, it's not wise to invest in SpeedyExchange. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.

In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.