Forgoodprofits is a forex and CFD broker that claims to offer a variety of trading products and services. However, there are a number of red flags that suggest that Forgoodprofits is a scam broker.
Company Overview
Forgoodprofits is a relatively new broker, having been founded in 2022. The location of the company origin is not mentioned on their website, but from their Facebook page, we found they are from Melbourne, Australia. They have shown their team members’ names and designations. But, you cannot see their details or no social media links.
You can find lots of videos on their homepage as their success stories. These all are made by paid actors and none of them are real traders.
If they are so popular and successful in helping people to make money, then why they don’t show their authorization?
Does Forgoodprofits Have Any License?
No, Forgoodprofits does not have any license from any major financial regulator. This is a major red flag. They don’t even show their contact address or any kind of social media channel. There is no way to find their license or authorization information.
Is Forgoodprofits Regulated By Any Authority?
No, Forgoodprofits is not regulated by any authority. As they are from Australia, they should have regulation or authorization from ASIC. But, we did not find any regulation about this.
Forgoodprofits Pros and Cons
Pros
- Professionally designed website
- Many proof of previous traders’ testimonial
Cons
- Is not regulated by any major financial regulator.
- Many negative reviews about Forgoodprofits online.
- No contact details.
- Nothing about the company.
How Does Forgoodprofits Reach To Their Prey?
Forgoodprofits targets new traders with aggressive marketing campaigns. The broker often uses social media and email to reach out to potential clients. Forgoodprofits also offers free trading signals and educational materials in order to lure traders in.
Technical Details of Forgoodprofits
Minimum Deposit
The minimum deposit for Forgoodprofits is $250. This is relatively low compared to other forex brokers.
Trading Platform
They have not specified any information about their platform or features. It is noticeable that brokers don’t disclose the information of their trading platform.
Spread
The spreads offered by Forgoodprofits are variable. This means that the spread will change depending on market conditions. The spreads offered by Forgoodprofits are not competitive.
Leverages
Forgoodprofits offers leverage up to 1:500. This is a very high level of leverage and can be risky for traders.
Packages and Products They Offer
Forgoodprofits offers a variety of trading products and services, including forex, CFDs, and cryptocurrencies. The broker also offers a variety of educational materials and trading signals.
Withdrawal and Deposit Method
Forgoodprofits offers a variety of withdrawal and deposit methods, including credit cards, debit cards, and wire transfers. The withdrawal and deposit fees charged by Forgoodprofits are not competitive.
What Do Their Previous Traders Say?
If you only look at their website, you can see a lot of positive reviews. But most of them are fake and you can notice the difference. Also, there are many negative reviews that are not fake and they hold the true image of this broker.
Summing Up- Why Should Not You Trust Forgoodprofits
There are a number of reasons why you should not trust Forgoodprofits. The broker is not regulated by any major financial regulator, there are a number of negative reviews about Forgoodprofits online, and the broker has been accused of being a scam. If you are looking for a forex broker, we recommend that you avoid Forgoodprofits.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money with Forgoodprofits, you may be able to get your money back. There are a number of organizations that can help you with this, such as the Australian Securities and Investments Commission (ASIC).
You can also contact us for a quick solution. We will evaluate your case and will provide you with a free consultation and service recommendations to help you recover the lost funds.
File A Complaint Against Scam Broker's
Final Thoughts
Forgoodprofits is a scam broker that you should avoid. If you are looking for a forex broker, reconsider your decision and keep your money safe.
You Can Read Our Other Scam Reviews
Is Taurusemex.com Legit or A Scam Broker?
Taurusemex broker review paints a concerning picture. Here’s why we strongly recommend caution: Securities & Futures Commission of Hong Kong Warning: A red flag that
Is Bstor.be Legit or A Scam Broker?
Red flags abound when it comes to Bstor. Here’s why you should steer clear: Securities & Futures Commission of Hong Kong Warning: A major red
Is Yomaex Crypto Market Legit or A Scam Broker?
Red flags abound when it comes to Yomaex Crypto Market Limited. Here’s why you should steer clear: Securities & Futures Commission of Hong Kong Warning:
