Beware! FourtyFinancialsG 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.
FourtyFinancialsG is a very weird broker. The website is a confusing mess, and it seem that all the info on its use rather useless. Speaking is terms of the interface and accessibility, all this was handled lazy and in a very uninspiring way. Not to mention that the texts are not near enough to inform even the newest of forex traders. What’s more is that most of these paragraphs contain close to no instructive details. In the end, FourtyFinancialsG is just another broker in the pile of hundreds, if not thousands, of shady firms. Read the review to find out why.
The registration process was the exact same operation as in a previously reviewed broker. As it was with that one, so was the same issue with FourtyFinancialsG, i,e we had no way of registering, because the broker wishes to send a verification code via a phone. By acquiring your phone number, brokers such as FourtyFinancialsG will, at some point, contact you and urge you to deposit, which is the first step in a popular scheme practiced by illegal brokerages. Read more on this at the end of the review.
In fact many of the elements of Golden Hrwk, are reflected onto the FourtyFinancialsG experience, which is a worrying thing, for the former was unregulated.
Anyway, we had no way to register, and so all the trading information, as well as the payments one, will be taken from the website. There we found out that the broker only trades in stock index CFDs. This is one of the very few times, excluding crypto brokers or binary options traders, when we have reviewed a broker that offers no currency pairs. This is the main asset, and without it the entire experience losses its value.
However, the website is incredibly confusing, as every sub section claims different present tradeable instruments. Another reason why the broker is suspicious.
The website can be translated into English and Chinese.
FOURTYFINANCIALSG REGULATION AND SAFETY OF FUNDS
Believe us when we say that there is no regulation information. By that, we mean that FourtyFinancialsG keeps things barren, and the entire website never mentions that it is legally authorized by some financial watchdog.
The license is the main ingredient in the entire legitimate forex experience, with which the ordeal is not worth it. FourtyFinancialsG is UNLICNESED, and as such cannot provide legal broker services.
Unlicensed brokers, if provided with a user’s deposit, will never return capital back.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
FOURTYFINANCIALSG TRADING SOFTWARE
Without having a clearance to a user dashboard, there is no way for us to determine whether there is a trading software of not. The evidence we gathered seems to be pointing at the latter.
When trying to download the trading platform from the website, we were given the opportunity to save the following exe file: knightservicegroup5setup.exe. This knightservicegroup is in no way connected to the broker at hand. So, are we to believe that FourtyFinancialsG has no trading software? It seems that the only answer for us, as non-registered users, is yes.
Furthermore, we have a hunch, based on the hundreds of previously reviewed brokers, that even if there was a trading terminal for registered users, it probably is either a third party chart (thus not a real platform), or a very inadequate one that gives traders close to no trading options.
What ever the case is, all that was talked about here is typical scammer broker stuff.
FOURTYFINANCIALSG DEPOSIT/WITHDRAW METHODS AND FEES
Any payment information has been left out. FourtyFinancialsG has decided that users will not need any payment details on the website. So, that’s it; no minimum deposit, no withdrawal fees, no nothing!
The very short disclaimer, which is essentially the only legal document, has a bunch of worrying clauses that we have to disclose with our readers.
The first one reveals that the firm can easily modify, add, or delete information on the website at any time. We assume that users will not be notified, for it would not be in the full interest of FourtyFinancialsG . To add new content is basically a way to charge users unnecessary fees.
Next is a provision stating that the information on the website may not be complete. The broker will not be held responsible for any errors or similar, should the info on the site lead to any problems.
The rest of the Disclaimer is all the same indemnification provision. FourtyFinancialsG continuously talks of how it will not be held accountable in a variety of situations.
Aside from the short Disclaimer, there are no other legal documents, which is a very indicative thing. This gives to show how little FourtyFinancialsG cares for its user base. In essence, if you register and deposit in FourtyFinancialsG, the broker has you cornered. So our honest advice is to stay away from this broker at all cost!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.