WestpointFX Website – www.westpointfx.com

WestpointFX Address – 42/F Lee Garden One 33 Hysan Avenue Causeway Bay, Hong Kong / Bahnhofstrasse 100, 8001 Zurich, ZH No 30

Warnings Against WestpointFX – Swiss Financial Market Supervisory Authority (Switzerland)

We investigate WestpointFX and its website. We do not recommend any trader/public to do any commerce with them. The reason, we hereby publish the WestpointFX review.

Introduction

Owned by Sun Hung Kai Forex Ltd, the brand WestpointFX is located at 42/F Lee Garden One 33 Hysan Avenue Causeway Bay, Hong Kong and Bahnhofstrasse 100, 8001 Zurich, ZH No 30. The company is an internet-based investment firm. Their phone number is +442033752092 and their email is support@westpointfx.com. The website is not reachable at present. It is suspended. Domain was created on 05th July 2021 (nearly a year ago) and an HTTPS connection was not found unsecured URL. The website was available in two languages, German and English.

They claim to be the most reliable broker but are exactly of the opposite kind. In the initial stage they may seem decent slowly they start showing what they actually are.

Opening an account

For opening an account the broker simply needs your phone number. No KYC and no other formalities. Giving them your phone number means they have an open communication channel with you. This is a ploy most scammers use.

The spreads are said to be ‘floating’, a very offensive term. On the website we can see a 0.1 pip minimum cost of trade, it is very good but impossible as a spread. WestpointFX uses so low that it is only used to lure the public/investor. There are no specific spreads mentioned for individual asset classes. Tradable assets are stocks, currency pairs, commodities, cryptocurrencies, and indexes. The leverage at one point is 1:100 but at another place, it is 1:1000. The leverage is as unclear as to the spread.

Regulations

On its website,WestpointFX claims that it is authorised and regulated by Swiss authorities (FINMA). The regulations of Switzerland are very tough and forex brokers can’t thrive there. Hence there are only a few brokers who set up their base in Switzerland and those are the world’s top brokerage houses. FINMA has not regulated WestpointFX, and neither Hong Kong authorities have given any permission. You can check that this broker is not there on the Swiss regulatory authorities list. On the contrary Swiss regulator has issued clear warnings against the broker.

WestpointFX is unregulated and is a risk to all investors and traders. We request you not to invest with this scam broker.

It is very easy to confirm whether the broker is regulated or not. Simply visit the regulator’s site depending on the broker’s jurisdiction. You can check online if the broker’s name is registered or not. All the EU, UK, US, and Aussie regulators are eminent and well-known in their own right. Checking for registration should be the main and first responsibility of the investor/trader. All regulated brokers are tightly scrutinized, have to abide by the rules of the land, and have to follow strict operational guidelines. There is a safety net for traders/investors also provided by the known regulators.

Trading software

WestpointFX uses an MT5 account with different links and under different companies’ names. In other words, trading servers used by WestpointFX do not belong to MT5. WestpointFX does not have its trading terminal.

Deposit and withdrawal

There is no source of payment details other than directly to the website. The site claims that withdrawal takes three working days. As these matters are crucial it bothers us. Payment methods are not explained in detail on the site.

How does the WestpointFX scam work?

The online ads are made by fraudsters. Ads promise a luxury lifestyle and easy money. The more ridiculous it sounds and looks, the bigger the lie. One can stumble on the sites through social media or other sources. These so-called flamboyant ads, when clicked lead to investment websites that may seem good but are an illusion. The main goal of the advertiser is to attract the user. Then they manipulate you into investing. Usually, these things happen on the phone whereby these scammers sweet talk with you. They convince you to invest a small amount initially and the rewards are huge.

Your first or initial investment is a gateway to a scam. Once the initial payment is done the investor is trapped. At this stage, expert scammers move in and they try to extract money from you as much as possible. By the time you realizethat you are in their trap, it is too late to wriggle out. Later you will come to know that you cannot withdraw your money.

What to do if you fall victim to such a scam?

Contact Lucenteq as early as possible. You can meet us in person at 192 N Cities Service Hwy APT 6, Sulphur, LA 70663 or call us at +1 601 952 8830 or email us at support@Lucenteq.net.

Our trained team has the knowledge, expertise, and experience to contestthe unregulated brokers and turn the tide in your favour. If scammed, you are legally eligible for a chargeback from any type of scams like cryptocurrency scams, forex scams, or any other scams.