One of the most dishonest websites at the moment is right here. The broker has a domain that indicates its connection to Forbes. However, this is false!
Forbes Trader is an offshore company that provides services related to cryptocurrencies. These companies are risky. There are more useful details in this ForbesTrader review. Stay tuned!
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Regulation and Fund Security of ForbesTrader
It is widely known what is going on behind brokers who work anonymously. Forbes Trader is completely anonymous. You can’t find the name of the business that operates this web page.
There is a link to the Terms of Service on the account sign-up form. Yet, there is no link to the record. This suggests we don’t know who we are dealing with. It’s safe to say that it is not wise to put our money at risk like that.
After registering it will move you to a totally separate domain. This domain is named ‘exchange.my-cryptoex.com’ and has a separate brand and logo. The homepage may show you a contact address in Zurich, Switzerland. Yet, this information is utterly incorrect.
Switzerland is one of the territories with the most rigid requirements for monetary service providers. An unidentified web page could not lawfully deliver these services there. What’s more, in the Swiss FINMA database, there is nothing to be seen about this enterprise. You should never count on this so-called association.
Trading Platform Available
Let’s examine the trading software if one even exists at all. The homepage of this broker deception is full of assurances. However, their website has nothing to present. ForbesTrader broker claims to have one of the industry’s most compelling trading software, MT4. Hold that thought, all the data on the homepage is taken from a regulated broker. None of those details comply with the certainty.
After you sign up, you will get access to an underlying trading platform. It even looks like a clone of a real platform. The software consists of only a couple of crypto pairs.
In addition, the chart is not theirs, even though they took it from the data provider TradingView. There is a buy-and-sell menu that is not wholly operating. All of these things point to a serious trading scam.
What to do if your forex broker skips to offer you any legit trading platform, such as MT4 or MT5? Know that this is yet another unmistakable sign that you are dealing with deceit.
Note: There are associations that market systems—signal sellers or trading bots—and occasionally sell unsafe things that do not yield profitable results. These scammy web pages often prey on new traders on various venues or forums. Keep this in mind!
Account Types Offered at ForbesTrader
ForbesTrader claims to support diversified account types. You will see particular account types, each with different ‘benefits’. These account types are:
- Standard – $250
- Silver – $2.500
- Gold – $10.000
- VIP – $50.000
Supposedly, your initial deposit amount decides which tier your account belongs to. That also explains which so-called benefits are applicable to you.
They claim you can bring your account to the next level by raising the deposit amount. Please, try not to do that, as it is extremely risky. This goes without saying!
How Does The Con Actually Work?
Please be informed that you can waste a lot of cash in forex trading. Always be vigilant, mainly if you are a novice. Do accurate research before you decide to open an account with any broker. Even qualified investors who use the services of legit brokers do this.
New traders can be misled by many false websites presenting as true brokers. Thieves will captivate you with many phony promises of easy profits. Stay far away from easy earnings and trade utilizing regulated brokers only.
More often than not, these fraudsters promote huge profits for an insignificant investment. They will prompt you to invest even more money. However, after you deposit, your investment will be gone.
You won’t even see a single dollar from these apparent profits. It will become hopeless to reach the minimum withdrawal amount. Scammers hide behind spurious names and locations. So, you won’t be able to track or hold them accountable.
Tip: Always remember that many newly registered scam brokers will claim they use MT4 and MT5 platforms. Never let them assure you that this is true! Make sure to do your analysis first!
Deposit and Withdrawal Methods
It’s no wonder that a scam brokerage uses cryptocurrencies. ForbesTrader broker scam only shows this payment option. Cryptocurrencies are untraceable so scammers prefer them. You will hardly be able to ask for a chargeback once the transaction is complete.
Crypto transactions are difficult to track, but there are tools following the transaction by the ID and connecting it to a specific wallet within the exchange. Once tracked, a client can submit a legal letter to the exchange requesting a refund.
The minimum deposit amount is set at $250. It’s important to remember that fake offshore brokers want your money at all costs. They set higher minimum deposits than legit businesses. This goes without saying and it’s vitally important to know.
Tip: Have you ever been a victim of an investment scam? There are some things you can do if the answer is positive. If you made a deposit through the bank, you can call for a refund. Getting your funds back is possible!
Forex Brokers Recommended
In the table below, there’s a list of the most highly recommended brokers. Be sure that you check out some of them!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
ForbesTrader is just another shady broker to stay away from. As you can see from this ForbesTrader review, there are many good reasons to avoid this investment scam. This broker uses deceptive trading software and a fictitious address.
The fake platform’s buy-and-sell menu is malfunctioning. Don’t invest your money here because everything about this broker is false.
Let us know if you have had a bad experience with this broker. We can help you report this shady broker.
FAQs About ForbesTrader Broker
Is ForbesTrader Regulated?
ForbesTrader broker is not authorized and not regulated at all. Please stay away from it!
Is ForbesTrader Legitimate?
ForbesTrader is not a legitimate or trustworthy broker. Do not invest your money here!
Is ForbesTrader a Market Maker?
ForbesTrader is not a Market Maker. This website has nothing to offer to its clients.