In this review, we will describe why your funds are not safe with Covey FX.
Is Covey FX Legit ?
Covey FX is an offshore broker similar to IDFPOWER, which we reviewed earlier. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice. Companies providing online trading services without a license cannot provide their clients with any sort of protection.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why your funds are not safe with this broker.
On top of that, once you click and provide them with your e-mail and contact number they will ring you immediately and promise you anything to make you deposit money with them as fast as possible. Most of the scammers are experienced manipulators and before you know it they’d ask for your bank card numbers to assist you with the deposit. You shouldn’t provide this information. There is also a chance to become a victim of Identity Theft, experiencing many more problems consequently.
Are Funds Safe with Covey FX ?
With such lack of information and Covey FX being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is that they are withholding vital information to users.
They could go bankrupt from one day to another since there are no banking information about them.