ForrestFX Review – The Latest Fraud From The Known Perpetrators

We’ve come across yet another in a series of fraudulent websites owned by a known scam entity. There’s not even a trace of legitimacy here. It’s all corrupt beyond belief, and carefully tailored to entrap inexperienced retailers.

It’s companies like these that give a bad name to the entire industry. Our ForrestFX review will show you how these fraudsters operate, and what to look for when choosing a reliable broker to trade with.

Owned By Known Criminals

ForrestFx is owned and operated by Smart Solution Corp, a group of hardcore cybercriminals that own a number of similar fraudulent sites. Each one of these has been blacklisted, starting with the parent company themselves.

Smart Solution Corp. schemes that we know of so far include Trubyx (CBR blacklist), Invest505 (AFM, IOSCO blacklist) and ForrestFX itself, which is blacklisted by CONSOB, CNMV, FSMA, IOSCO and A-TVP.

ForrestXF claims to be incorporated in the Marshall Islands, but is nowhere to be found with the GLOFSA register. The company says that they are operating from the UK, but neither the Companies House nor FCA have any data about it.

Unregulated entities like these, or RightFX for instance are likely to just steal from you and call it a day.

Preying On Beginners

The fraudulent entity behind the forrestfx.com website is known for operating illegally and extorting money from less experienced traders. Ever since the start of their latest project, a number of scam victims has appeared in the following countries:

• Netherlands
• Sweden
• United Kingdom
• Israel
• Australia

Please be aware of the fact that the deals that sound like a lifetime financial opportunity proposed by pushy phone agents aren’t even close to reality. These are solely designed to manipulate you into investing and losing one deposit after another. 

Counterfeit Ratings

One certain publicity booster often abused today are paid reviews. The Trustpilot page claimed by this business is another proof of that. By buying positive ratings, fraudsters artificially raise their credibility to easily convince less decisive targets. 

If this trading portal was such a prolific environment, they would be more popular and present on other review websites. The fact that only one review site is clogged with their artificial ratings is a solid proof of unscrupulous methods involved.

Dishonest About Trading Conditions

To be able to promote and sell their services in the countries which this swindler focuses on, they’d have to keep their trading parameters in accordance with the EEA law. Despite that, the trading platform shows starting leverage of 1:100.

On the other hand, the website itself, as well as the terminal, fail to disclose the exact numbers, so spreads and commissions are not known. It is revealed that the firm charges a clearance fee of 1% for all executed trades.

Malicious Bonus Policy

Depending on the account type you decide to buy, you will be rewarded with a bonus of up to 100%. The more expensive the package the higher the bonus. 

Accounts credited with a bonus have to execute a minimum trading volume of (bonus amount + Deposit) x25 in order to be allowed a withdrawal, which is highly unlikely. 

Below Average In Every Regard

While at first glance the trading conditions don’t seem like rock bottom, remember that unlicensed firms like this one or Limeberg nearly always use false advertising. What we did find in the client dashboard was below any industry average, as expected.

Interestingly enough, even though we did not agree to receive information about promotions when creating a ForrestFX login, our inbox quickly got spammed by a bunch of promo emails.

Glitchy Web Trader

We managed to completely glitch out the ForrestFX platform, which is a simple web trader. While the developer of the software had a good idea to display multiple charts, they didn’t think about imposing a limit.

We opened a bit too much, and the software froze. When choosing a broker for your investment, it’s better to select one that offers industry standard MT4, MT5 or cTrader programs.

Available Trading Instruments

At first glance, it seems like the company offers a large number of assets. Once you start browsing the selection, however, you will notice that each group has only a few individual instruments.

Let’s take a look at a few examples:

• Forex (EUR/USD, AUD/NZD, GBP/CHF, USD/CHF)
• Cryptocurrencies (BTC/USD, ETH/EUR, XDG/EUR, ADA/USD)
• Stocks (Samsung, Chevron, Renault, Airbus)
• Spot Metals (Palladium, Platinum, Aluminium)
• Commodities (Cocoa, Coffee, Sugar, Corn)
• Energies (Brent, Natural Gas, Crude)
• Indices (VIX, Nasdaq, Nikkei, DAX)

Accounts For Millionaires 

The ForrestFX accounts are nothing short of magical, if judging from the way they’re described on the website. Prestigious trading tools, free signals and education, professional account management, prioritized withdrawals and live sessions with Forex experts are just some of the features.

Of course, none of these are even remotely true of available, it’s all a hoax to justify the insane account prices:

• Regular – $250
• Bronze – $10,000
• Silver – $25,000
• Gold – $50,000
• Platinum – $100,000
• Diamond – $250,000
• VIP – $500,000
• PRO – $1,000,000

Impossible Withdrawals

When it comes to ForrestFX withdrawals, you can expect any kind of obstacle. From trading volume requirements to sudden and unjustified fees. Just to be clear, the fraudster behind the legal docs claims they cover all the transaction fees, which is not likely. 

The fact that there’s only crypto transfers available has further solidified our doubts about this conduct being an illicit fraudulent scheme. 

Illusion Of Supportiveness

Lies are the main weapon of every financial swindler that wishes to make you feel comfortable and like your trading needs and issues are taken care of. 

The email address and online form are the two communication channels allegedly available. While the platform will have you believe you can contact the ForrestFX support anytime, they’re not really responsive. 

Got Robbed By These Frauds? Give Us A Call!

This so-called brokerage is owned by a known group of cybercriminals, placed on multiple blacklists. The swindlers are known to use anonymous financial transfers to cover their tracks.

Don’t let the schemers get away with stealing from you! Our team of experts have ample experience in dealing with these sorts of online frauds. Get in touch via the live chat, and book your free consultation today to see how you too can recover your assets!

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