Updated on February 5, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding FGS Markets due to the issues we've identified.
Is FGS Markets Scam or Legit Broker? ▲
Engaging with FGS Markets for your trading activities comes with significant risk due to its unregulated status. Our thorough investigation has unveiled that FGS Markets lacks any form of regulatory approval, rendering it an unsafe choice for traders. The absence of any regulatory oversight means there's a heightened risk of fraudulent practices. The broker's claim of being based in the Marshall Islands, paired with the lack of verifiable authorization or registration, raises red flags regarding its legitimacy. Consequently, the broker appears to be operating under dubious circumstances, potentially from an undisclosed location far removed from its claimed base of operations. Given these findings, we strongly advise traders to steer clear of FGS Markets.
FGS Markets operates as a Forex and CFD broker through two entities, Trade Up Ltd. and Preseplio Ltd., claiming jurisdiction in the Marshall Islands and Cyprus, respectively. Despite Preseplio Ltd.'s claim of regulation in Cyprus and provision of a regulation number, our verification process reveals that it is not registered with CySEC (The Cyprus Securities and Exchange Commission), the sole regulatory body for financial services in Cyprus. This discrepancy points to a lack of proper regulatory compliance by both entities behind FGS Markets. The absence of legitimate regulation is a critical concern, compounded by the fact that these companies have faced bans from Italy's financial regulator, CONSOB. This situation underscores the importance of choosing brokers regulated by reputable authorities, such as the FCA in the UK or ASIC in Australia, to ensure the safety of your investments. Unfortunately, due to the significant regulatory shortcomings and the dubious operational basis of FGS Markets, we cannot recommend this broker as a reliable trading partner.
Our exhaustive review of FGS Markets has led us to strongly discourage traders from opening accounts with this broker. The lack of any legitimate regulatory oversight and the broker's association with entities banned by reputable financial authorities highlight the risks involved in dealing with FGS Markets. The broker's inability to provide a safe and transparent trading environment makes it an unsuitable choice for traders seeking reliability and security in their trading endeavors. In light of our findings, we recommend traders to opt for brokers that are regulated by well-respected authorities, ensuring compliance with rigorous standards and offering a higher degree of investor protection. Trading with well-regulated brokers not only guarantees a safer trading environment but also provides traders with peace of mind.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
FGS Markets Review 2024
