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Fargo Global Review - is it scam or safe?

Fargo Global Review - is fargo-global.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Fargo Global
Fargo Global is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Micro  $5 000 1:100 N/A
Advance $10 000 1:200 N/A
Premier  $30 000 1:200 N/A

 

Fargo Global presents itself as an international broker offering wide range of assets for trade in STP/ECN trading environment. It also claims to be authorized and regulated in several countries, including the UAE, and Australia, however our investigation on the matter revealed that this is not true. Below, we have highlighted both the strong and weak sides of this forex and CFD broker. If you are going to skim through the review, be sure to read at least the first points of the Disadvantages section prior to investing any money.

 

 

Fargo Global Advantages

 

MetaTrader available

Fargo Global claims to offer both MetaQuotes platforms – the MetaTrader4 and MetaTrader5, and that is definitely an advantage. These two platforms are some of the most popular in the forex trading world. They are praised highly for the ease of use, reliability and rich functionalities. Both the MT4 and MT5 offer advanced charting and analytics tools, as well as automated trading bots a.k.a. Expert Advisors, which are easily customizable.

 

On top of that, the MT5 is especially designed for dealing in exchange-traded stocks. Yet, considering that Fargo Global is not licensed, we suggest that you choose another MT5 broker from the below list.

 

 

>> Check out the best MT5 brokers <<

 

 

Good selection of assets, solid leverage

Another possible advantage of Fargo Global is the rich and diversified product portfolio of the broker. As we couldn’t test a proper demo platform, we could not verify this, but the brokerage claims to offer trading in forex, CFDs on indices, commodities, precious metals, stocks, ETFs, and cryptocurrencies.

 

Besides, Fargo Global offers solid leverage, up to 1:200, which is perfectly enough for most trading strategies, and yet not dangerously high. That being said, a number of jurisdictions, such as the USA, EU, Japan, have capped the leverage available to retail clients to significantly lower ratios due to investor protection concerns.

 

 

Fargo Global Disadvantages

 

False claims of regulation

Strange it may seem for a website available only in Spanish, Fargo Global claims to be regulated in the UAE, Australia, and has even included a registration number with the UK’s Financial Conduct Authority (FCA).

 

Click on the image to view full size.

 

Of course, we checked this information in the respective public registers, and it turned out that FAIRGO GLOBAL PTY LTD was deregistered from ASIC back in 2012, and that the FCA registration number belongs to a company with which Fargo Global is no associated in any way – Advanced Markets (UK) Limited.

 

 

Click on any of the images to view larger.

 

As regards the registration in the Emirate of Ajman mentioned on the broker’s website, it does not even come close to being licensed in the United Arab Emirates. The main governmental bodies charged with the oversight of foreign currency exchange is the Central Bank of the United Arab Emirates (CBUAE) and the Securities and Commodities Authority.

 

In other words, Fargo Global is not licensed, and provides company and regulation information which is deceptive and misleading. This is a serious red flag because it shows that the broker is following the pattern of scam brokers.

 

 

CNMV warning

Furthermore, we found out that Spain’s financial regulator, the CNMV, has issued a warning against Fargo Global for illegally targeting local investors. Such clear-cut warning signs, together with the obvious lack of credible regulation, incline us to suspect that potential clients of this broker are open to substantial risk.

 

Spreads not disclosed

Fargo Global has not announced any reference spreads on its website, which is always a sign of trouble, as it shows lack of commitment and transparency. Besides, when we downloaded the broker’s MT5 to test it (MT4 is not available for download), we found out that this is a platform provided by MetaQuotes itself, and not by Fargo Global Limited, or a third party. This means that the trading conditions are not representative of Fargo Global.

 

As most of you know, most brokers offer a spread within the average range of 1.0 – 1.0 pips on EUR/USD. Here is a list of brokers with good pricing that also hold legitimate licenses:

 

 

>> The spreads of top brokers compared in real-time <<

 

 

Excessive initial deposit

To open a Micro account with Fargo Global, you should invest at least $5 000 and that in our view is excessive. Most brokers allow you to open a standard account with $100 - $250 or less, while some big names like IG do not have a minimum deposit requirement at all. 

 

 

Conclusion

 

Fargo Global targets mainly Spanish-speaking investors. Although the broker claims to hold licenses with several authorities across the globe, it is in fact not regulated by any governmental agency and was even blacklisted by the CNMV as a potential scammer.

 

All in all, traders should direct themselves to better trading options to which we have linked throughout this review. If you are looking for a brokerage with Spanish-speaking support and website and platform available in Spanish, you may check out a list of forex brokers that are legally operating in Spain.

 

 

>> Forex brokers in Spain <<

 

 

And finally, here is a summary of our review on Fargo Global:

 

Pros Cons
MetaTrader available, solid leverage False claims of regulation
Good selection of assets CNMV warning
  Spreads not disclosed
  Excessive initial deposit

 

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Traders` reviews for Fargo Global

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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