Bitfargo appears legitimate if you don’t examine too closely But in truth, they are simply another scam broker that will release you from whatever funds you have placed with them after they determine that they have completely robbed you. You simply need to read the evaluations on their Facebook page to realize that this is not a firm you can rely on.
Overview
Nexus LLC owns Bitfargo, which is based in Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent, and the Grenadines.
They may be reached at +442039877739 or by email at su*****@bi******.io.
Their website address is bitfargo.io.
Website | bitfargo.io |
Company | Nexus LLC |
Address | Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent, and the Grenadines |
Phone | +442039877739 |
su*****@bi******.io | |
Regulation | Unregulated, Blacklisted, Offshore |
Is BitFargo Regulated?
Bitfargo claims to be governed by the laws of St. Vincent and the Grenadines. That is completely false, as the Financial Services Authority (FSA) of St. Vincent and the Grenadines has repeatedly stated that they “do not issue any licenses to carry on the business of FOREX Trading, Brokerage, or Binary Options Trading, nor does the FSA “Regulate, Monitor, Supervise, or License” International Business Companies (IBCs) that engage in such activities.”
Warnings From Financial Regulators
As this broker mostly operates in Canada and the UK, we looked into BitFargo regulation with the FCA and numerous Canadian agencies. As you can expect, we are still frustrated.
It is not surprising that the UK’s legal regime was the initial to release a formal warning given that this nation is among the broker’s primary markets.
The FCA declared BitFargo to be an unlicensed, dishonest broker that you must avoid like the plague as a result of multiple complaints about it.
A similar statement was later issued by the Italian authority CONSOB.
Is BitFargo Can Be Trusted?
No, we have already discussed the implications of Bitfargo’s lack of a license for trading with the broker. Once more, the key to making money trading Forex is to stick with reputable businesses.
What kind of currency pair do they offer?
According to what we know, BitFargo provides trading on 5 significant marketplaces, including
- Numerous currency pairings on the forex market.
- Metals and agricultural commodities.
- 100+ worldwide stocks on the stock market.
- Indices for the US, Asia, EU, and UK.
- Major 5 cryptocurrencies
The broker provides leverage for the Forex market up to 1:300, although EU and UK regulations only allow 1:30 owing to significant risks.
Additionally, the spread for EUR/USD pairings begins at 2.0 pips, which is slightly higher than the industry norm.
Customer Support
There is no active customer support option. They provided a number that is unreachable and the email address never reply to any email. But, when they need they will contact you.
Trading Method (MT4 or MT5)
Accessibility to a transmission of a web-based trading system is made available by Bitfargo. The same platform is also available as a desktop distribution; both are identical and fall short of the strong automated trading capabilities of Metatrader 5, which is the industry standard.
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What Do Traders Think Of BitFargo?
There are several negative reviews found on different online forums and social media networks. Also, several other websites flagged BitFargo as a scam platform after seeing the regulatory warnings and several case studies.
What To Do If You Get Scammed?
Don’t get upset if you lost money with Bitfargo. There have been others before you, and there probably will be more. Even the most diligent investors occasionally make mistakes, which should be viewed as a teaching opportunity.
If you are being cheated and cannot find a remedy, contact us. Our recovery experts will schedule a no-cost consultation and assess your case.
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Final Thoughts
You should get in touch with your bank or card company and request assistance. If you paid with a credit or debit card, you have 540 days to submit a chargeback request. There are occasions when fraudsters would leverage the fact that you confirmed your account with them by submitting a photo of your face and proof of identification to show that you were really their client and made the investment freely. In such circumstances, getting your money back would be quite difficult.
