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Forex Finance Group Review - is it scam or safe?

Forex Finance Group review - Is numberoneforex.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Forex Finance Group
Forex Finance Group is an offshore broker. Your money is not safe.

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Forex Finance Group claims to be a UK forex and CFD broker, offering both brokerage services with a leverage of up to 1:1000 and the MetaTader4 platform, and investment management services. Unfortunately the broker is not licensed and authorized, as it should be, by the local financial regulator and that raises some very serious questions about their credibility. 

 

Trading account  Min. deposit Max. leverage Spread

Fixed Account

n/a 1:1000 1 pip, fixed

 

Forex Finance Group Advantages:

 

Leverage as high as 1:1000

 

We always start our reviews with any possible advantages about the broker and with Forex Finance Group this is obviously the leverage. Such a high leverage is quite rare theses days, especially after the regulators through out Europe, the US, Canada and Japan caped the maximum leverage allowed with forex and CFD trade at levels significantly below 1:100 (1:25 in Japan, 1:30 in EU, 1:50 in the US and 1:75 in Canada). 

 

The step was taken in a coordinated effort to reduce investment risk for retail investors. Still if you are tempted by the idea of trading with a higher leverage and you are in Australia, there you will still be able to enjoy high margin trading, since this is the last major regulated market, where leverage remains unrestricted. Here you may check our list of brokers, regulated there:

 

>>Brokers regulated in Australia<<

 

Over 40 currency pairs and lots of crypto CFDs

 

Forex Finance Group says to be offering 47 currency pairs, many of which minor, crosses or exotic like USDILS, USDINR, USDBRL, USDTRY, USDRUB, USDMXN and USDSGD, as well as CFDs on precious metals like silver, gold, platinum and palladium, oil and a selection of crypto coins including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Litecoin, Dash, NEO, Monero, IOTA, OmiseGo, Zcash, EOS, Qtum, BitcoinGold and NEM. But if you would like to trade crypto here you may also check our list of brokers trading with bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Various payment methods available

 

Forex Finance Group accepts payments with bitcoins, major credit and debit cards like VISA and MasterCard, bank wire and various e-wallets including Perfect Money, Payeer, Epay, LiqPays, AdvCash  and Skrill. Still, here you may also check our list of brokers accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

Forex Finance Group says to be offering the MetaTrader4 and that is good news too. The platform is highly reliable and quiet popular. More then 80% of all traders use MetaTrader4. It features numerous market indicators, advanced charting tools and even customizable trading robots, with the help of which one can easily run automated trading sessions. So here you may check our list of brokers, supporting the MetaTrader4 as well:

 

>>MT4 Brokers<<

 

Forex Finance Group Disadvantages:

 

Anonymous website, no license

 

The Forex Finance Group website is virtually anonymous. Surely we have the name of the broker and some address in the UK, but we are not told the name of the company behind the whole operation. And as we already noted  Forex Finance Group is not regulated by the local Financial Conduct Authority (FCA), as it should be. We diligently checked the registers of the regulator and were unable to find the name of the broker. 

 

All that makes Forex Finance Group operations on the UK and the European market as whole completely illegal.

 

Bear in mind as well that depositing funds with unregulated brokers is extremely risky for one very simple reason – they are completely unaccountable for the way they manage your money.

 

Trading with a properly regulated broker on the other hand is completely safe, because of the rigorous regulatory oversight by institutions such as the FCA in the UK, Cyprus Securities Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).

 

And besides with a FCA regulated broker your funds will even be insured for up to 85 000 GBP, so here you may check our list of FCA regulated brokers as well:

 

>>FCA Regulated Forex Brokers<<

 

Market maker offering  investment management services

 

As we noted Forex Finance Group offers investment management services too. Bear in mind that virtually all unregulated brokers are market makers, which means that they make money when you lose. So if a market maker offers you “an investment management services” this is recipe for a scam. The broker will have an incentive “to lose” your money in order to make profit.

 

Trading bonuses

 

Forex Finance Group says they are offering a 5000 USD welcoming bonus, which might sound good, but in reality this is just a trap. All trading bonuses are always linker to additional withdraw conditions, usually some minimum trade volume requirement. So you should be extra cautious, when someone offers you a trading bonus. There is no such thing as a free lunch. And besides all trading bonuses are banned in Europe and on most regulated markets altogether.

 

No information about the minimum deposit requirement

 

Just keep in mind that with most brokers the minimum deposit requirement is about 250 USD, while with some big and well established players like FBS and IG you can start trading with virtually a dollar or two.

 

Conclusion:

 

Forex Finance Group is not a broker you can trust. Their website is virtually anonymous and they do not have a license to operate on regulated markets like the EU. So here we will repeat our usual advice to trade only with brokers regulated by reliable institutions such as the FCA in the UK, the CySEC in Cyprus and ASIC in Australia.

Latest news about Forex Finance Group
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Traders` reviews for Forex Finance Group

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