Beware! Fxforbe 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.
As soon as you open Fxforbe’s website, you’ll see them claiming that the entity is a multi-regulated broker. Seconds later, you’ll go to the footer of the website, and will see that no corporate information is provided, which more or less proves that Fxforbe is a fake brokerage misleading the customers – legit companies always share critical information about their business at the bottom of their websites. Fxforbe is a pure scam, and we’ll review it!
Fxforbe Regulation And Safety Of Funds
As seen, Fxforbe claims to have licenses issued by the British FCA, the Australian ASIC and the South African FSCA. We checked, of course, but our research with FCA didn’t show a license but a warning instead, as the British authority blacklisted Fxforbe, exposing it as an unauthorised and practically illegal business. Brokers with official warnings on their names are scams and should be avoided no matter the case! Fxforbe is not an exception, and we can confirm that you’ll lose money to fraud if you deposit with Fxforbe!
That said, we recommend that you should trade with regulated brokers only! For example, CySEC (Cyprus) brokers and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to trust your money with such entities.
But before we continue, have a look at a fragment from the FCA warning:
Fxforbe Trading Software
Fxforbe claims that they pride themselves on offering fully transparent quality execution, alongside some of the best trading conditions in the industry, delivered by a world-class platform. Bold claims, but untrue! The so-called brokerage does not have a functional platform, so we don’t really need an official warning to prove that Fxforbe is a pure scam! What they have, is an informative chart only, so no real trading is possible.
However, we should pay attention to a particular detail. Namely, once on the Dashboard, the trading account opening is a misleading procedure sending people to deposit money. It goes like this: you click on Open Account, and they instantly redirect you to deposit money first – a totally unacceptable approach! Legit brokers always do it the other way around: they let you open accounts, and only then will they ask you to deposit money! Fxforbe is a pure scam!
That said, why don’t you take your time and look at our MetaTrader 4 brokers and MetaTrader 5 brokers instead? The high-rated companies are fully licensed and provide the best Forex platforms for retail traders. Both MTs are leaders known for their stability and advanced features provided – automated trading and analytical tools, complex indicators, easy-to-use charting tools, and a marketplace with thousands of Forex apps. Depending on the brokerage, much more features can be available, but if you choose a company providing MT, make sure to be adequately regulated, as scammers are all over the place nowadays!
Fxforbe Trading Conditions
Talking about trading conditions becomes useless, as Fxforbe is an exposed scam with no functional platform. On the other hand, the brokerage also fails to say anything about the conditions, with the exception of the alleged asset classes: Forex, Shares, Futures, Indices, Metals and Energies. That’s a lie, of course, as no instrument can be traded! We’ll repeat it again; Fxforbe is a pure scam, and you should avoid it!
Fxforbe Deposit/Withdraw Methods And Fees
The minimum deposit is $500, but one would only understand about the condition after he/she tries to fund their accounts! The requirement is unfair, and it’s absolutely incomparable to the affordable brokers, some of which are ready to open an account for as little as $5.
The funding methods are many, including Bitcoin, Ethereum, Bitcoin Cash, Western Union, PayPal, MoneyGram and Ria Mobile Transfer. From these methods, only PayPal provides chargebacks, so whenever you use other ones for deposits, you’ll lose your money forever!
As for withdrawals and fees, there is absolutely nothing, as Fxforbe does not even have legal documents. It’s just an anonymous website that’s not even properly built, with most of its ling not working. At any rate, it’s a scam, so no withdrawals should be expected at all! Beware!
How Does The Scam Work
Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website and a scam call centre called a boiler room. Scammers pay little attention to excellence and create scrappy websites as they focus on contacting as many people as possible, and for that reason, their websites are usually substandard and ignorant. And to find victims, scammers use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc.
But the worst part of the scheme unveils after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.
What To Do If Scammed
Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.
Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.
And lastly, consider sharing your experience to help protect others; we’ll appreciate it!