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The FCA categorically denies ever registering FxForbe, contrary to their claim. It goes ahead to warn potential customers about the consequences of trusting the shady FxForbe.
FxForbe is one of those scammers we would like to warn you against. Making money online is becoming a major trend today. As many people were forced to remain indoors during the COVID-19 pandemic, they needed to look for ways to make money. Thus, online working grew during the period. One of the ways people made money and still do is forex trading. This involves trading currencies and other commodities in the market. Trading forex, however, requires a heavy capital investment. Retail traders, therefore, need the assistance of brokers. Brokers basically allow retail traders to trade in the forex market with as little as $5 in their accounts.
There are, unfortunately, some brokers whose job is not to help retail traders. On the contrary, their focus is to appear as though they are assisting them, but in the real sense, they are ripping them off. These scammers give unsuspecting traders attractive offers to lure them into giving them their money. Once the traders fall for the scammers’ dirty tricks, they lose most, if not all, of their money.
Fxforbe.com is an unregulated offshore broker whose primary mission is to steal your money. Do not be fooled by their fancy interface; they are scammers! They will take your money in broad daylight without any remorse. We want to give you a few reasons why you should stay as far away from fxforbe.com as possible. Come along as we dig deeper into this little-known forex broker.
There are a few things the company says about itself. One is that it is a multi-regulated global broker. This means the company is international and is regulated by the regulatory authorities. In fact, from their website, fxforbe.com, they claim to be authorized by Financial Conduct Authority (FCA), Australian Securities & Investments Commission (ASIC), and Financial Sector Conduct Authority (FSCA). The company also claims that many traders trust them.
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These are, however, just marketing gimmicks to lure traders. On their website, there are various resources that you can supposedly use to help in your trading. The website is well-designed, with some good aesthetic features. Its attractiveness, however, cannot disguise its phony nature. Ensure you deal with genuine crypto companies. You will earn passive income without risking your safety.
Not every broker is as they purport. Fxforbe.com is one of those brokers who claim one thing but reality, is something entirely different. We uncovered some uncomfortable truths about this company that you might want to consider before trusting them with your money.
Company Background and Leaders
Any legit company is proud of its origins. Many successful people take pride in telling stories of how they started, especially about their early struggles. Once they succeed, they parade their achievements for all to see. Also, they include a list of their leaders and especially their founders. For FxForbe, this information seemed too irrelevant to include.
On the website, we could not find any information regarding where the company came from and who established it. The only explanation we could think of for this behavior was that they were trying to hide something. They do not want you to know who owns the company so that you may not find them in case you lose money.
FxForbe Company Address
Having a physical address is very important for a broker. In case of an issue, one can visit the office and get the required assistance. Forex trading is a very emotional undertaking, and in case a customer needs clarification from a broker regarding a trade, they should get it swiftly. Fxfrorbe, however, seems to overlook this critical aspect. On looking at their website, there is only an email and phone number. These two are not enough to communicate with a committed company. A legit company should even have social media pages where customers can get updates regarding their activities. FxForbe has, however, chosen to exclude these vital details. The only explanation for this behavior is that they are dubious and want to steal from you. If they were legit, they would not hide their addresses.
According to whois.domaintools.com, the fxforbe.com website was created on 8th July 2022, and will expire on 8th July 2023. That means the company is not planning on offering its services for long. One reason for this is that it knows it cannot survive for long without someone noticing that they are scammers. As such, there was no need to have their website running for longer than one year. They are scammers, no doubt!
Before trading, it is essential to know more about the conditions. These include things like spread, leverage, and commissions. They are critical because they help traders decide whether or not they want to work with a particular broker. Often, brokers who offer tight spreads attract many customers. However, brokers may provide tight spreads to scam people, so beware. For FxForbe, there is no information about the spread, leverage, and commissions. As a trader, you cannot place a trade if you do not know about the leverage and spread. They are essential as they help in risk management. If a broker does not offer this vital information like FxForbe has chosen not to, it shows they are scammers.
Regulation Status of FxForbe
Every responsible government should protect its people from fraudsters. There are thus bodies that assist in regulating forex brokers. For a forex broker to be licensed to operate, they must meet specific standards.
FxForbe claims to be regulated by FCA, ASIC, and FSCA. Our research, however, revealed that this is a pure lie. There is no such thing. In fact, FCA has flagged FxForbe as a scam and warned traders against using their platform. The FCA categorically denies ever registering FxForbe, contrary to their claim. It goes ahead to warn potential customers about the consequences of trusting the shady FxForbe. FCA notes that although the firm is not regulated, it has not stopped them from targeting the UK market. It states that in case something goes wrong, FCA cannot protect traders.
The allegations that the company is regulated in South Africa and Australia are also false. Since the company knows they’re unregulated, they have ensured they encourage customers to use bitcoin when depositing money. The reason for this is apparent. With bitcoin, it is impossible to get your money back once you deposit. This is a well-choreographed scheme whose aim is to rob you, beware!
There are no legal documents to show the terms and conditions of working with the broker. As such, when working with them, you never know what you are getting yourself into. Stay safe and stay away from FxForbe.
All legit brokers should have an easy-to-use trading platform like Trading View, MT4, and MT5. For FxForbe, there is no functional platform for traders. As such, one cannot even trade. This is why we encourage you to stay away from these scammers!
Our Final Verdict
FxForbe is a scam masquerading as a legit broker. The fact that they are unlicensed and unregulated does not, however, deter them from attempting to scam people. Thankfully, we have discovered their tricks and exposed them. Never be part of their schemes to reap where they did not sow.
Before trusting a forex broker, research about them and establish whether or not they are legit. There are, of course, many legit crypto companies out there, but FxForbe is definitely not one of them. Their only job is to scam people by lying that they have financial solutions. Do not agree to lose money through shady deals like investing with FxForbe.