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Forex Financial Services Pty Ltd Review

Forex Financial Services Pty Ltd Review: is it a scam broker or legit broker?

Overview of Forex Financial Services Pty Ltd Review:

Forex Financial Services Pty Ltd claims to be an Australian forex broker that offers trade in over 70+ tradable instruments that include forex pairs, CFDs, indices, metals such as gold and silver, energy sources such as gas, etc.  The company has a license approved by the Australian Financial Complaints Authority; however, the past months have been disastrous to the company. However, the company has been walking on a tight rope currently. Read on to find out about what the Forex Financial Services Pty Ltd scam is all about in our Forex Financial Services Pty Ltd Review.

 

About Forex Financial Services Pty Ltd Scam:

Despite the authorized license, the past few months have witnessed several complaints against Forex Financial Services Pty Ltd being registered at the AFCA, ReportScams, and other fund recovery services. In reply to the questions directed at the company, the correspondent replied stating they have no relation with the scam broker and that they are cloning and destroying Forex Financial Services Pty Ltd’s reputation. With the overwhelming complaints, we decided to investigate this scam broker that is either pretending to be Forex Financial Services Pty Ltd or the company themselves on a mission to steal innocent victims’ money.

Forex Financial Services Pty Ltd Regulation:

Upon research, we found out that Forex Financial Services Pty Ltd is actually regulated by the Australian Securities and Investment Commission or the ASIC of Australia. However, the company states that it is a victim of cloning. For those who do not know what cloning is, it is a term used when a scam broker replicates an authorized firm. The scam broker then pretends to be the legitimate company while cold calling potential victims. They would also state the authentic company’s license as theirs in order to convince the victims into investing with their scam brokerage firm.

Forex Financial Services Pty Ltd Minimum Deposits, Leverages and Spread:

Like every other scam broker, Forex Financial Services Pty Ltd scam also demands an unrealistically high minimum initial deposit of $100. Even though it might not seem like a huge deal to many of you, we must note that the regulatory authorities of almost all of the countries advise the legitimate brokerage firms from demanding a minimum initial deposit or keeping it as low as $5. However, this does not stop the scam brokers from asking for the minimum initial deposit. This is one of the red flags that we have spotted against the Forex Financial Services Pty Ltd scam in this Forex Financial Services Pty Ltd review.

Leverage is also one of the offers that are highly used among scam brokers to lure customers in. Forex Financial Services Pty Ltd offers leverage ranging from 1:100 to 1:500. As you can already see this is very huge leverage offered and thus, making it clear that Forex Financial Services Pty Ltd is a scam.  The spread offered by Forex Financial Services Pty Ltd scam is not specified and it is only mentioned that they are floating spreads.

 

Conclusion:

Forex Financial Services Pty Ltd accepts various currencies and has several methods for payments and withdrawal. To conclude this review, it is safe to say that Forex Financial Services Pty Ltd is a scam. We advise our readers not to invest or trade with this scam broker. If you have been a victim of the Forex Financial Services Pty Ltd scam, file a report with ReportScams immediately. We will get back to you with the best possible solution for fund recovery. Till then, keep reading!

To read more about Scam Brokers and their Review, Visit Scam Brokers 2021 Page.

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