Fair Forex

Fair Forex (fairforexfx.com) might seem to possess some potential, however there are certain obvious limitation that stop t from succeeding. Read on to find out more.

The only evidence of a registration is an address in St. Vincent and the Grenadines, but we assure you that Fair Forex is not regulated there because of the fact that this country does not regulate the forex market. And even if a company is registered there it does not connote that it is regulated in any way. Since we could not find any proof of a license we must conclude that Fair Forex is UNLICENSED.

We did not open an account because the captcha only gave us errors, even though we wrote exactly what was required of us. However, we did open a Demo account.

Note that while opening an account we saw a section wanting an “agent reference number”. This is a reference to a very popular scam that unregulated brokers ensue. Users that have provided real contact details via phishing adds, or similar methods of retaining contact info. Should users provide a real phone number they will be, without a doubt, called by the broker’s representative whose one and only goal is to push you to make an initial deposit by providing yo with a reference number. Perhaps that is the only way to register a live account? Anyway after a first deposit is done the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.

Continuing with the trading conditions taken from the demo account, even though opening a demo account, we still had no access to a trading platform. The website gives us a spread of 0.8 pips on overage for the Standard account. As mentioned, we do not trust this.

The leverage is capped at 1:400.

The tradeable assets allegedly are Forex Pairs, Indices, Crypto, and Commodities.

The languages are limited only to English.

FAIR FOREX LOGIN

The missing MT5 platform might have something to do with the aforementioned scam, where the trader must be contacted in order to be presented with proper trading instrument, that, however, serve only as intensives to deposit more.

If the MT5 was made available, users would have seen that it comes with increased time frames, more pending order types, the inclusion of an economic calendar, and so much more. The platform comes with all its predecessor’s features: EAs, VPS, One Click Trading, Level2 Plugin, and many more handy functions to improve the level of trading in virtually every aspect. Overall, a superb package.

FAIR FOREX MINIMUM DEPOSIT

User can deposit via one of the following: Bitcoin, Credit Card, PayPal, Wire Transfer within the US (probably fake or completely illegal), Zele, and Demo Gateway.

The minimum deposit amount is $1. Or in other words, there is no minimum funding amount.

Due to the broker’s lack of an authoritative regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

FAIR FOREX WITHDRAWAL TIME AND FEES

The withdrawal section looks identical to the depositing ones, and there is nothing to suggest any waiting time or fees.

For this reason we turned to the Terms and Conditions. There the processing time is said to be 1 day. There are no withdrawal fees indicate anywhere.

ADDITIONAL FEES AND TAXES

The broker clearly charges fees, as indicated by the following clause, yet it does not disclose the amount or the specific conditions that must be met in order for the charges to ensue.

Next is a collection of multiple clauses, some of which he will not include, that indemnify the broker, and bind the user to pay for all costs associated with the enforcement of the Terms and Conditions.

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. The broker will probably refuse to return your money by constantly postponing your withdrawal. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Fair Forex is a scam, there is no doubt about that. If you deposit, you will not be able to withdrawal any money back, and on top of that, you will have to pay more! Stay away!