Updated on March 18, 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 FXG Trade due to the issues we've identified.
Is FXG Trade Scam or Legit Broker? ▲
FXG Trade falls squarely into the category of a fraudulent entity. This brokerage firm is incorporated offshore and lacks any form of legitimate accreditation from a renowned, reputable financial regulatory body. As such, it is categorically UNSAFE to engage in trading activities with FXG Trade. Our stance on offshore brokers remains unwavering; we strongly discourage trading with such entities due to the inherently untrustworthy nature of the financial investment services they purport to offer. The rationale behind this is straightforward: without oversight from authoritative bodies governing the Forex market, traders are left with nothing but the broker's assurances, which is a precarious position fraught with risk.
FXG Trade operates under the auspices of Capital FXG LTD, a corporation registered in the Marshall Islands. The allure of the Marshall Islands for forex brokers lies in its various financial incentives, including the absence of income, capital gains, and inheritance taxes. Additionally, the jurisdiction offers a streamlined and cost-effective registration process, coupled with minimal capital requirements, pegged at merely USD 2000. Further, the company's billing operations are conducted through Nordic Pearl Ltd., located in Bulgaria. Despite the company's lack of licensure in the UK, it actively targets UK residents. It is our recommendation that traders opt for brokers regulated by authoritative entities such as the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC), given that these regulators impose stringent capital requirements and offer consumer protection measures.
Our earnest recommendation to traders is to open accounts exclusively with brokers that are regulated by globally recognized authorities. These entities must adhere to a comprehensive regulatory framework and have established a commendable reputation over their operational history. Traders should prioritize dealing with well-regulated brokers, such as those in the UK or Australia.
An update on FXG Trade reveals that the broker’s website is currently inactive and unreachable, indicating that the firm may have ceased operations. Nevertheless, caution is advised, and traders should remain vigilant against any future propositions that may emerge from this broker or similar entities.
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.
FXG Trade Review 2024
It’s all a scam stay away from them, I was scammed by those crooks but luckily getting my money back was possible with the help of Mr Alfred Bernard kindly contact him through his email address: alfred bernard 799 @ gmail . com if you are having issues withdrawing your money from your investment broker.