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Fuerfx.com Review - is it scam or safe?

Fuerfx.com Review - is fuerfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Fuerfx.com
Fuerfx.com is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Standard  N/A 1:100  2 pips, fixed

 

Fuerfx.com claims to be a broker based in New Zealand. It appears to offer a single trading account type and to target mainly Chinese investors. Apart from their account types and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

 

Fuerfx.com Advantages

 

MT5 supported

The platform of choice of Fuerfx.com is MetaQuotes’ latest trading software, the MetaTrader 5. The MT5 was initially designed for dealing in exchange-traded stocks, and offers top-notch charting with many technical analysis indicators and supports automated trading via Expert Advisors, as well as the MQL5 programming language enabling traders to design and back test their own auto-trading bots or run ready-made ones.

 

 

>> Check out the best MT5 brokers <<

 

 

Demo spreads not bad

Furthermore, when we tested Fuerfx.com’s MT5, we found the benchmark EUR/USD spread fixed at 2 pips, which is pretty much the average in the sector.

 

 

Click on the image to view larger.

 

That being said, note that no matter how low a broker’s trading costs may seem, that does not guarantee clients any security, nor profit. Fuerfx.com is not licensed and could be involved in scam, so check out the pricing of some of the best CFD providers in real time.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Fuerfx.com Disadvantages

 

False claims of regulation

Fuerfx.com claims to be operated by FERN GROUP NZ LIMITED – a company duly registered in New Zealand’s Financial Services Providers Register and regulated by the Financial Markets Authority (FMA).

 

 

However, our check revealed that the abovementioned company operates the FernFX brokerage brand, operating via www.fernfx.net website. Although Fuerfx.com features a logo very similar to that of FernFX, this website is not associated with Fern Group NZ Limited, nor authorized to provide financial services in New Zealand.

 

Blacklisted by the FMA as a clone

Actually, New Zealand’s FMA has issued a warning against Fuerfx.com, explicitly stating that the website is not associated in any way with the licensed company Fern Group NZ Limited, and that it could be involved in a scam.

 

 

Trading conditions not clear

Another negative regarding Fuerfx.com is that this website has not disclosed essential trading conditions, such as reference spreads, maximum leverage ratios, minimum investment required, etc. This is also very typical of scam brokers.

 

Limited product portfolio

Although this is not a major flaw when compared to the first two disadvantages above, we decided to mention it nonetheless. When we tested Fuerfx.com’s demo MT5, we noticed that the broker’s portfolio is not very broad in terms of tradeable assets. Demo account holders are only able to trade in around 30 forex pairs, as well as CFDs on silver, gold, and several indices. Most brokers also offer CFDs on stocks, commodities and cryptocurrencies like Bitcoin.

 

 

Conclusion

 

Fuerfx.com is a very low credibility website a that seems to target mainly Chinese investors. The people operating the website obviously try to mislead traders that they are a part of broker based and regulated in New Zealand. Even the NZ’s FMA has blacklisted Fuerfx.com and warned that it is most likely a scam, so you’d better stay away from it.

 

Always check the company names of the brokers’ websites and in the registers of the respective governmental agencies and make sure you only invest in companies licensed by reputable regulators. Those of you looking for a trustworthy broker operating in New Zealand, may check out the below link and select among our list of licensed financial services providers.

 

 

>> Find the best forex brokers in New Zealand <<

 

 

And finally, here are the highlights of the present review of Fuerfx.com:

 

Pros Cons
Solid leverage, competitive demo spreads False claims of regulation
MT5 available Blacklisted by the FMA
  Trading conditions not clear
  Limited product portfolio

 

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Traders` reviews for Fuerfx.com

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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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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