Beware! FARGO GLOBAL 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.
FARGO GLOBAL says to offer a variety of forex pairs and other CFDs on indices, commodities, precious metals, stocks, ETFs, and crypto coins, with three account types, leverage as high as 200:1 and the MetaTrader5 platform.
The broker also says to be based in the United Arab Emirates and to be regulated in a number of jurisdictions – a claim that unfortunately turned out not to be true. Here is what we found out about FARGO GLOBAL regulatory status.
FARGO GLOBAL regulation & safety of funds
As we already mentioned, FARGO GLOBAL, owned and operated by FARGO GLOBAL LIMITED, says to be headquartered in Dubai, the United Arab Emirates and to be regulated not only by the local authorities, but also by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.
When we checked the registers of the above mentioned institutions, however, non of this turned out to be true. It is true that a company named FAIRGO GLOBAL PTY LTD can be found in the ASIC registers, but for some reason back in 2012 it had lost its license. See for your self:
The story with FCA is similar. Here the FCA license number FARGO GLOBAL is giving us – 777739 is actually the license number of another company – Advanced Markets (UK) Limited, which has absolutely nothing to do with our broker.
As for the UAE regulation, FARGO GLOBAL is simply not registered with the Central Bank of the United Arab Emirates (CBUAE) and the Securities and Commodities Authority – the two regulatory bodies in the country.
On top of that it also turned out that FARGO GLOBAL is blacklisted by the Spanish financial regulator – CNMV, for targeting EU customers without legit authorization and possibly being involved in scam.
FARGO GLOBAL deposit/withdrawal methods and fees
We are told that FARGO GLOBAL accepts payments with major cards like VISA, American Express and MasterCard, PayPal and bank wire. We miss however the option to pay with Skrill and Neteller – the two most widely used e-wallets in Europe. And the minimum deposit requirement is pretty salty as well – 5000 USD for their Micro Account.
How does the scam work?
The first thing scammers need is your e-mail and phone. And they collect that sort of information through the so called robo scam websites like Bitcoin Profit and Brexit Trader, which are specifically designed to lure gullible investors.
Those are totally anonymous websites, where usually you will be tempted with some nicely cut video, telling you not to miss “your once in a life time” opportunity to get instantly rich with some innovative trading app. And than if you register, leaving your e-mail and phone, instantly you will be redirected to the web page of a unregulated, offshore scam broker, while the people behind the robo scam website will get their commission.
Your trading experience with the scam broker might be rather amusing at first. Your initial trades will go great and pretty soon the money in your account will seem to have doubled. That however will not be real. Scammers will be manipulating your account with the sole idea to trick you to deposit more. And that is exactly what you will be told on the phone by “your senor account manager” – if you really want to make some serious money, you will definitely have to invest more – like at least 10 000 USD.
And most people do invest that kind of money, without ever realizing they have been scammed until the very day they try to withdraw some of their funds. Than, all of a sudden they are told they can not withdraw because of some minimum trade volume requirement, possibly linked to a trading bonus. The excuse certainly might be different, but the result will always be the same – scammers will not pay a single penny back.
What to do if scammed?
In case you are a victim of a scam, the only plausible chance to get your deposit back, is to file for a charge back with your credit card company. The good news here is that both MasterCard and VISA will allow you to file for a charge back within 540 days.
And if by any means scammers have managed to get to your personal banking details like your credit card number or your online banking password, immediately change the password and cancel your credit card.
And finally, do not trust the promises of the so called recovery agencies. They will not help you in any way, but will simply squeeze you out of some additional cash. Basically that is how it will all end.