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Fortexo Broker Review
While unregulated, Fortexo presents itself as the trading platform of the future. We cannot say we believe such charges without evidence, therefore we urge you to read our Fortexo review and verify everything for yourself.
Broker status: Unregulated
Regulated by: Unlicensed brokerage
Blacklisted as a Scam by: BaFin
Owned by: Flab Group Ltd
Headquarters Country: Saint Vincent and the Grenadines
Foundation year: 2021
Supported Platforms: Web trader
Minimum Deposit: $1,000
Cryptocurrencies: Yes – BTC, ETH, XRP – total 20+
Types of Assets: FX, commodities, indices, shares, bonds, cryptocurrencies
Maximum Leverage: N/A
Free Demo Account: No
Accepts US clients: No
Fortexo Regulation
Flab Group LLC of Saint Vincent and the Grenadines owns the Fortexo broker brand. The broker is housed in the same building that purportedly houses other fraudulent organizations such as OctaFX, HYCM, and others.
At the same time, the brand has been pushed by a well-known Bitcoin System campaign, which also supports other fraudulent businesses.
After considering all of this information, we can only recommend that you search for a broker who has a Tier 1 license, such as the FCA, ASIC, or BaFin. Only then will you have a guarantee for the funds.
Trading instruments
While everything else is flawed, we will award Fortexo points for providing a diverse range of trading assets. The broker facilitates trading with:
- Currency pairs
- Commodities
- Indices
- Shares
- Bonds
- Cryptocurrencies
The spread is allegedly raw and starts at 0.0 pips. However, because the broker does not provide a Demo account and we did not want to risk our money with a fake company, this will remain an issue.
Fortexo Warnings From Financial Regulators
Conducting a fraud is one thing; running a scam without being discovered is quite another. Following several Fortexo complaints, German regulator BaFin launched an official inquiry and ordered the fraudulent organization to cease operations in Germany.
Extra Fees
Contrary to popular belief, Fortexo does not allow clients to simply withdraw their assets. It’s an unpleasant procedure, and account administrators at the broker are openly insisting that consumers pay fees before making withdrawals. Even so, don’t expect to receive your money back. It’s another plan devised by the broker.
Under the guise of supposed costs, you will be requested to pay 20-30% of the withdrawal amount, and after you deposit the money, you will never be able to contact the broker again.
Fund Withdrawal Issues
As previously stated, the broker employs a variety of strategies to prevent clients from withdrawing cash. It employs an incentive structure in addition to additional fees. Every client is entitled to a specific amount of bonus, but no one will notify them that they will be unable to withdraw their cash until they have paid off the bonus 100 times. Is it truly worth the cost? We didn’t believe so.
Areas Of Fortexo Scam
According to Fortexo reviews, the broker is mostly active in Germany and Switzerland. Others, however, are not safe, with the United States being the sole prohibited area. Keep in mind that Fortexo is unregulated, and your money are processed by unregulated payment processors.
Traders About Fortexo Scam
If you’ve been scammed, there’s probably nothing pleasant to say about the con artist. As a result, merchants were unwilling to express anything favorable about Fortexo, but rather the contrary. There have been several complaints concerning withdrawals, broker account managers extorting dollars and not listening to consumers, and money mysteriously missing after a payout request is completed.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]
