Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FXG Invest is a forex and CFD broker, offering a good variety of currency pairs and CFDs on commodities, indices, stocks and crypto coins. Spreads however start at 4,4 pips, which is about four times the level traders usually expect to see with a standard account. There are four account types – Beginner Club, Gold Club, Islamic Club and VIP Club and the minimum deposit varies between $300 and $50 000. Leverage is generous – up to 1:500 and the broker supports the MetaTrader4 trading platform.
FXG Invest regulation & safety of funds
While FXG Invest is owned by the Marshal Islands incorporated Grand Services LTD, the broker’s website is operated by Nordic Pearl Limited, which happens to be based in Bulgaria.
As FXG Invest does not mention anything about their regulatory status, we decided to investigate the broker ourselves. Nordic Pearl Limited is a Bulgarian company so we checked the registers of the local Financial Supervision Commission (FSC). Unfortunately it turned out neither Nordic Pearl Limited nor FXG Invest were in the registers. Here we should note that all companies providing financial services form Bulgaria should hold a license by the FSC.
As for the Marshal Islands based Grand Services LTD, we will just note that there are no legit financial authorities on that Pacific atoll.
Have in mind that regulation is crucial for the safety of any investment on the financial market. Most legit forex and CFD brokers hold licenses by the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) – trusted institutions, providing both security to traders and operational flexibility to the brokers.
With FCA and CySec brokers for example, traders are even guaranteed compensation in the unlikely case their broker goes insolvent. The compensation with the CySEC backed Investors Compensation Fund is up to 20 000 EUR, while with FCA brokers the insured capital is up to 50 000 GBP.
FXG Invest deposit/withdrawal methods and fees
FXGInvest accepts payments with all major credit or debit cards like VISA and MasterCard, bank wire and e-wallets like PerfectMoney, QIWI, WebMoney, OKPay, LAVApay and Neteller.
How does the scam work?
Scam is any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the forex market. And although it may work in different ways, usually scammers use the following strategy:
You will happen to see a cheap video ad, aimed to convince you, you can get instantly rich, by just making a modest investment with a cutting-edge financial company. To see how, you will just have to fill a small registration form with your name and e-mail. For more detailed information, however, you will be asked for your mobile and once you do that you will receive a casual call form a “professional financial adviser”, who will ask you to deposit just 200 USD and start making money right away.
That’s when things get really interesting. You will start receiving calls on a daily bases with investment advises and soon you will be told, that if you want to make real money you will have to invest more… How much? Basically they will be asking you for all that you have.
Once you have made a substantial deposit, your trading account will be manipulated and you will start loosing money. At a certain point you may decide to tell the “broker” you want to withdraw some or all of your funds. Than you will be contacted by a “senior financial adviser”, who will try to convince you to stay with the broker and to invest even more money. But if you insist on withdrawing, they will say “No problem” and will ask you to send them copies of your ID and a proof of address – an electricity bill for instance, not older than 3 months.
You will be told, they need those documents, because of the Anti Money laundering regulations. And than, when you send them the copies of the documents, this will be the last time you will hear form “the broker”.
That last act of the performance is done, because if you have voluntarily provided them with your ID and a proof of address, they will have a much stronger case, if you file a complaint with your credit card provider (for instance VISA) and you want a charge back.
Mind that a charge back with a credit card company is possible only within a six month period and because scammers know that well, they will make everything possible to retain you for that period.
What to do if scammed?
You should immediately contact your bank or credit card provider and file for a charge back. As we have already discussed, that may work only within a 6 moth period.
In case you have give any banking details to the broker – you credit card number for instance, immediately cancel your credit card. If you have given them the pass for your online banking service, change the pass immediately.
And finally, if you have lost money with scammers, do not loose even more with the so called “recovery agencies”. Those companies are on a hunt for desperate investors, who have been stinged by scammers and will simply ask you to make an up-front payment. And if you give them your remaining cash, that is the last time you will here form them as well.
Zayed
Scammers, they prevents me from withdrawing my money .. I tried to contact them many times by phone and several emails with no answer… after that I searched them and found that they are unregulated broker that mean they can take your money just like that ! …check the link https://www.forexbrokerz.com/brokers/fxg-invest-review