Beware! ForexFirex 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 biggest tell that something is not quite right with ForexFirex is noticed the money you step into the website. If you have a keen eye for such details, as we do, you would have noticed that the chart on the Home page is in fact a third party widget, much in the same way many scammer brokers take advantage of TradingView’s chart attachments. These charts, which are sometimes mistaken for trading platforms, have nothing to do with the broker itself and are mostly utilized for attractive points. ForexFirex starts on a rocky road. Is the rest of the journey similar, or will there be a light at the end of the tunnel? Read on to find out.
The signup process was easy, yet unpleasant because of the entire look and feel to it. Once we completed the registration, we were relocated to a client portal area where the main page seems to serve at the trading terminal. ForexFirex’s entire alleged brokerage experience rest on the word “seems”. The latest example of this is this alleged trading platform, which is just a collection of TradingView widget puts into one, creating the illusion of a trading terminal. The easiest way to recognize these is by the small TradingView icon on the corner of each graph.
What the inclusion of these means is that ForexFirex, in essence, does not have a trading platform. These charts or whatever you might call them are not able to achieve trading in financial instruments. So, all supposed trading conditions are not applicable! No spread, no leverage, and no trading assets work with ForexFirex. All of the trading information on the website is thus inaccurate.
While registering we were able to choose a leverage that spans all the way to 1:500, which is the most common offshore brokerage value there is. However, this leverage is useless in a broker that has no trading software.
THew website of ForexFirex can be translated into more than 20 languages, all part of the Google Translate package.
FOREXFIREX REGULATION AND SAFETY OF FUNDS
The only regulatory or similar information that we tracked down comes in the form of a certificate.
This might look like a big deal, but a simple registration is not enough to legitimize a forex broker. And furthermore, Photoshop experts are just an email away, and anyone can manipulate online images nowadays. We do not think that this document is verified!
The Contact US address is also located in the United States, further pushing the lie that the broker can offer FX trading services there. The United States is the location that has the most unforgiving trading requirements in the world, and as a result, only a handful of brokers operate there. We assure you with the greatest of confidence that ForexFirex is not one of them.
ForexFirex is an UNREGULATED firm, therefore making it a risk to all investments!
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
Another indication that the firm is illegal is the missing legal provisions!
FOREXFIREX DEPOSIT/WITHDRAW METHODS AND FEES
As per the client portal, deposits were no available. At the time of writing the review and doing our research, the account funding section did not allow us to continue with the process of depositing. We assume that this is because we are not verified, or because the broker does not see us as a victim for its schemes. Methods for funding an account are said to be a collection of cryptoccurencies, WesternUnion, MoneyGram, Wire transfer, Perfect Money, credit cards, and debit cards.
Withdrawals, according to the same payment area, are done through the same methods used for depositing. The payment terminal is the only source of information where we were able to find any withdrawal information. The website is a joke, having no such details, and the lack of any sort of legal documents is of no help neither.
At the end of the day, ForexFirex is nothing more than your typical FX scam. It relies on false information to draw in users, does not allow for withdrawals, and has no legal provisions to keep its service within a certain framework of rules. Do not deposit here!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so-called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming to be a recovery agent who is willing to fight for your money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.