Consider trading with Forepay FX? Is this broker a reliable broker? Read Forepay reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
What is Forepay FX?
Forepay FX otherwise known as Forepay.co is an offshore brokerage owned and operated by Elysian Group LLC with a lot of promises for forex traders. The forex company is incorporated in St Vincent and Grenadines.
Forepay claims to offer three account types – Silver, Bronze and Platinum.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Forepay Minimum Deposit
Forepay FX specifies its deposit fee at $250 based on the account type. In comparison, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Forepay accepts diverse funding methods and points out Visa, Maestro, Mastercard as well as wire and bank transfer. Regrettably, it does not accept any of the above mentioned options but crypto currencies.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Forepay withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Forepay makes use of web based trading platform. Fraudsters use fake trading software to trick their victims into believing that their money is actually being used to trade financial instruments.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Forepay leverage is max 1:200. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
What We Discovered about Forepay.co Broker
First of, Forepay claims to be owned and operated by a company named Elysian Group LLC with a registered address in St. Vincent and the Grenadines.
At the foot of the site, the brokerage provides a registered address in St. Vincent and the Grenadines. The institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
That is not all, the National Securities Market Commission (CNMV) of Spain has blacklisted this broker, stating that they are not authorized to provide investment services.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Forepay Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Forepay FX located at Forepay.co claims to appear like a trustworthy trading broker, however, that cannot be trusted. By all appearances, we would advise traders to steer clear from this broker as it likely a platform run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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