Forex40 Review: Forex40.com Untrustworthy Broker
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Forex40 Review
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Fund Safety
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Regulation Status
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Contact Details
Summary
Forex40 company is capable of exploiting its clients. Moreover, they can change their terms and conditions. The broker does not segregate funds. The money you deposit will go directly into the pockets of the fraudsters.
Forex40 is a platform that is owned by MagKing. The broker brags that it is an award-winning venture that is regulated by multiple financial bodies in the market. Moreover, it is accepting funds from investors across the globe.
The platform is allegedly trading indices, forex, and commodities. However, this is a nasty scam. The only thing that you will get from them is severe losses. The platform states that it is utilizing the latest technology.
Therefore, their trading tools are of high quality. Additionally, Forex40 claims that it is determined to main a long-term relationship with its customers. The entity presents itself as a transparent and trustworthy venture.
It also highlights a number of advantages that you will enjoy if you venture with them. The entity states that it is licensed by various financial bodies in the industry. Unfortunately, this turns out to be a fat lie.
The trading software that the company is using allegedly is fast. Investors will therefore execute their orders on time. The entity also mentions reputable financial institutions on its website. However, there is no association between these companies.
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Forex40.com Review
Forex40 is a platform that brags segregates the accounts of their customers at Commonwealth financial institution. Sadly, this is a fat lie to make investors give them access to their money. The platform states that it has competitive spreads.
Investors are also protected against negative balance. The withdrawal request of traders is processed within a day. We also learned that the broker has an educational course for their clients. Therefore, they coach clients to become experts.
Unfortunately, we do not know if the knowledge Forex40 shares are beneficial to expert and novice investors. The company proclaims that it analyzes the market on behalf of traders. The available trading interface is MT4.
The broker allegedly assigns a personal account manager to all traders. The customers are also being supervised by a professional team. The entity brags that its team comprises multiple experts. They have been trading for years. However, there is no evidence to support these claims.
Trade with the top forex trading companies that are reputable. These entities have multiple trading assets. You can select the one that best suits your needs. Additionally, these brokers are also regulated and have a reliable customer support team.
Trading Conditions of Forex40
Forex40 is indeed offering the MT4 trading interface to their customers. The leverage that traders will enjoy is that of 1:500. The spread of the broker is that of 1 pip for the EURUSD currency pair.
The attractive trading conditions of this platform do not change the fact that you are dealing with a scam. They also have a demo account whereby traders can familiarize themselves with the trading activity.
Forex40 offers lucrative benefits. The problem is that legit firms do not promise anything like this to traders. The leverage cap ranges from 1:30 up to 1:50. This should show you the seriousness of the matter.
Withdrawal and Deposits
We do not know the amount of funds that you can deposit at Forex40. The withdrawal and deposit requirements are not clearly outlined. Moreover, we are also in the dark regarding the payment methods. We recommend that you deal with ventures that use credit and debit card options.
Furthermore, the broker fails to disclose when an account becomes dormant, and the fees that traders pay. Additionally, we also do not know if there are any charges. This is a reckless investment venture that does not even have the Terms and Conditions policy.
Trading with Forex40 is unwise since you do not know what you are signing up for. The company can inflict hefty charges on their clients. Once you venture with them you will lose funds. The corporate that is managing this firm is notoriously known for its fraudulent activities.
Regulation and Registration of Forex40
The platform boasts that it is licensed by the Financial Conduct Authority (FCA)of the United Kingdom, Vanuatu Financial Services Commission (VFSC), and Australian Securities and Investment Commission (ASIC).
However, this is an illegal financial platform that is collecting money without the permission of these financial watchdogs. Therefore, investors’ funds are not safe in this company. You are risking your personal data as well.
The company is capable of exploiting its clients. Moreover, they can change their terms and conditions. The broker does not segregate funds. The money you deposit will go directly into the pockets of the fraudsters.
Furthermore, Forex40 fails to disclose the financial institution it partners with. Once this platform exit the market nobody will come to rescue you. They are violating a number of rules and clearly, the company does not care about the needs of investors.
You will not be compensated. There are several advantages that come with trusting a licensed broker. You will trade with confidence and you have nothing to fear. There are a number of reliable firms in the market.
Contact Details
Investors can contact the company via email. The office address of Forex40 is at Unit 83, Yau Le Center No 45 Hoi Yuen Road Kwun Tong Kowloon, Hong Kong. The platform is an illegitimate forex trading broker. The regulatory body of the EU has already blacklisted the firm.
Expect unprofessional customer support services from this platform. They will not treat you ethically. There is nothing that you can do since the office address provided is fake. Therefore, visiting their offices is going to be a problem.
The reason Ponzi schemes fails to provide telephone number is that they do not want to be bothered. It is easy for them and investors should not risk their safety. Trade with genuine companies to experience top-notch services.
Final Verdict
Forex40.com is a nasty scam that is being run by a company that has been blacklisted. Traders are only going to regret it once they trust this scheme with their money. There are better organizations in the market that you can use. We are against investors depositing funds into this system.
Moreover, there is no customer support team. Once you face any challenge you will have to resolve it all by yourself. There is also a lack of client feeedback. Hence, we cannot know the experience of those that have used the venture before.
Invest with legit forex trading companies that are regulated. You will get top-notch fund security. These are brokers that are dedicated to offering the best services. Investors are treated professionally and you have the assurance that your issue will be attended to on time.
