ForbesTrader Review: You Should Not Trust This Broker
Let’s put it simply, ForbesTrader broker won’t be awarded broker of the year, despite its false claims. The company displays all the red flags and signs of fraud, including fake regulation numbers, scheming owners, and possibly false HQ.
In simple words, ForbesTrader is practically anonymous. Nowhere is the name of the company that owns and operates this website mentioned. With this said, read our ForbesTrader review to learn more about this investment scam and how to stay away.
|Address||Paradeplatz 8, Zürich, Switzerland|
|Bonuses||Up to 100%|
|Warning||FINMA / CONSOB|
ForbesTrader License and Funds Security
One of the first things you should look into on the broker’s website is which entity runs it, where it is based, and what regulatory oversight it is subject to. Licensed companies are required to provide a comprehensive set of legal documentation. If this information isn’t clearly presented on the website, it could be considered a red flag.
As for ForbesTrader, there is nothing on their website. When we said they are completely anonymous, we meant it. There is no address, no phone number, no regulation, no nothing. With this said, it’s best to just avoid scam brokers like this altogether. All the information we have about them is from FINMA.
Trading Platform Available at ForbesTrader
The Forbestrader.com homepage promises one of the industry’s most popular trading platforms, MetaTrader 4 (MT4). But as stated, all the information on the homepage is “borrowed” from a real broker and does not correspond to the truth.
We have also found a lot of user complaints regarding the trading platform. Many of them stated that the platform doesn’t work most of the time and when it does, it just gives you the possibility to monitor different assets on the market and view charts.
Honestly, that doesn’t sound like the best trading experience, especially for a beginner. We do recommend you find a trustworthy broker who can provide you with MT4 and MT5 trading platforms. They are industry standard by now.
ForbesTrader Account Types
This scam broker offers 4 different account types:
- Standard- This one requires a minimum deposit of $250, has a maximum leverage of 1:500, and offers a bonus of 30%.
- Silver- The next account type requires a $2,500 minimum deposit and has a leverage of 1:400. It also offers the same bonus.
- Gold – Deposit of $10,000 but a bonus of up to 100%.
- VIP- Requires $50,000 and has the same bonus as a gold account.
By now, you might have come to the conclusion that ForbesTrader is nothing more than just another fraudulent broker. Their deposit methods also confirm this, since they only offer the following:
- Visa or Master debit or credit card
- Wire transfers
Now, we all know that crypto is the preferred deposit method of illicit brokers since you would not be able to ask for a refund. With this said, remember that getting your money back is possible and it’s important to report the scammers as soon as possible.
How the Scam Is Implemented
Once you leave your details on one of the ForbesTrader ads, their agents will start by sending you an email that will then turn into phone calls.
Remember that their agents are trained in harassing you and pushing you to invest. And once they get you on the line, they will do anything and everything in their power to get you on board. Of course, the motto is the more you invest the more you will make.
That is all a lie and just a scheme to take all of your money at any cost. Stay away from this or any other fraudster alike. And always think twice before investing online.
While we were conducting this ForbesTrader review, we realized that many fraudulent brokers will do anything in their power to look legitimate just so they can scam you.
In the terms of ForbesTrader, they are an unregulated offshore company that offers unlicensed financial services.
On top of that, this fraudulent broker is not only missing basic information such as a phone number, but they are also falsely claiming to be regulated.
Don’t fall victim to this illicit broker’s cheap tricks and always do the needed diligence and research the broker before investing your money. And don’t feel ashamed about reporting your scammer, Don’t let them get away.
FAQs About ForbesTrader Broker
Is My Money Safe with ForbesTrader?
ForbesTrader follows no regulation so it is not considered a safe option for your money.
Is ForbesTrader a Regulated Broker?
This broker is not regulated for providing trading services, moreover, they have been issued a warning from FINMA.
What Is The ForbesTrader Minimum Deposit Amount?
The minimum deposit amount the broker has set is $250 which is quite a lot compared to some legit brokers who ask for as little as $5.