Beware! Furion 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.
The first thing we found about Furion Global is that it is not safe to open the website. This already says a lot about this broker but we’ll go even deeper to find out whether it is safe to trade with this company.
Furion Global Regulation and safety of funds
From this broker’s website, we found out that the address and registration of the company are in Australia. We checked the register of the Australian Securities and Investments Commission (ASIC), the official body that regulates forex brokers in Australia. Our search confirmed that the company is indeed registered with ASIC (image below). However, given the fact that there are some issues with opening a trading account and the lack of legal documentation such as Terms and Conditions, we are not fully convinced that this broker is legit. Unfortunately, forex brokers’ websites are not published on ASIC register to fully verify whether a broker is legit or not and we noticed that there are some existing comments on the Internet saying that Furion Global is not reliable and is possible a scammer. For these reasons, we cannot give this company a 100% vote of confidence and ask you to exercise caution.
Forex brokers in Australia are strictly regulated and must meet a lot of requirements to get their license, including investing an initial capital of no less than 1 million AUD, keep clients’ funds segregated, report transactions on a regular basis and follow certain internal procedures, including risk management, accounting audits, etc. However, one of the downsides in trading with Australian brokers is that there are no compensation funds or schemes to protect clients’ money in case of bankruptcy. Some traders find attractive the fact that there are no imposed limitations on leverage in Australia. However, from March 2021 on there will be some changes in the regulations for forex brokers aiming at reducing the losses of the clients by reducing the risks associated with CFD and FX trading. The new measures will introduce a cap on leverage to match the one existing in the EU and the UK which is 1:30 for major forex currencies, provide protection against negative balance, imposing bonus prohibition, etc.
Furion Global Trading software
Furion Global is a forex broker trading in forex, metals, futures, cryptocurrencies and commodities. When we tried to register a trading account, we found out that there was something wrong with the system. We did not receive the verification code and was impossible to download the platform which happens to be MetaTrader 5. Downloading the platform directly from the website did not work either.
We are questioning the reliability of this broker. Although it seems to be licensed, there are a lot of things that do not match what legit brokers provide on their websites.
From the Standard account information, we find out that the average spread for EUR/USD is 0.5 pips. Also, traders can choose their leverage which means that practically the leverage can go as high as 1:500. Such high leverage may look tempting with the promise for increased potential of making a big win. However, this is a misconception as on average 70% of traders experience unsuccessful transactions which means that the high leverage will amplify the scope of their loss. That is why in the EU and the UK brokers cannot exceed the leverage of 1:30 and in the US, leverage of 1:50. These are measures to protect clients’ funds by preventing traders from entering risky and reckless transactions and suffering great financial loss.
We must congratulate Furion Global for the choice of trading software. MetaTrader 5 is one of the best trading platforms and becoming more and more popular among brokers and traders alike, especially after 2016 when the hedging option was introduced. Other advantages include an auto trading option, a financial calendar, an app market, trading signals that can be obtained for a subscription fee, a code base with customs scripts, etc. MT5 has inherited the same great charting options its ‘older brother’ MetaTrader 4 is famous for that include many charts, time frames, colours and even the option of creating customised templates. In addition to that, the array of technical analysis indicators, such as Fibonacci retracement, moving averages, Bollinger Bands, etc., help traders predict the future directions of exchange rates and make a profit.
However, as we always say, a trading platform is as good as its broker is reliable and here we cannot guarantee this 100% although Furion Global seems to be licensed.
Furion Global Deposit/Withdrawal methods and fees
From Furion Global website we understand that there are two accounts offered to the traders – a demo and a live Standard account. We already explained that it was not possible to open a live account due to some errors in the system of this broker. However, we found out that the minimum initial deposit for the Standard account is $100.
However, there is no Terms and Conditions document to find out more information about the deposit/withdrawal methods and fees. The lack of such an important legal document does not inspire confidence in trading with this broker.
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!