It’s a scam. Steer clear of ForrestFX if you value your hard-earned money. Dive deeper to understand why investing with ForrestFX is akin to tossing your cash into a financial bonfire.
What is ForrestFX?
Claiming to be a “leading online Forex broker,” ForrestFX touts its prowess in facilitating currency trading on various platforms. It promises tight spreads, leverage options, and access to educational resources. But behind the polished facade lies a rotten core – a fraudulent operation designed to siphon funds from unsuspecting investors.
ForrestFX Details
Regulated by: | Unregulated Broker |
Is This Company Safe? | No, without a license, you simply cannot trust a platform. |
Known Websites: | https://forrestfx.com/ |
Have Warnings from: | CONSOB, CNMV, FSMA, IOSCO, A-TVP |
Registered in: | Marshall Islands |
Operating since: | 2023-02-14 |
Trading Platforms: | Web |
Maximum Leverage: | 1:100 |
Minimum Deposit: | $250 |
Deposit Bonus: | Up to 100% |
Trading Assets: | Forex, Cryptocurrencies, Stocks, Indices, Commodities, Spot Metals |
Free Demo Account: | No |
How to Withdraw from This Company? | Book a free consultation with our legal experts via the live chat. With our help, you can take back your lost money. |
Deposits and Withdrawals
ForrestFX accepts deposits through credit cards, wire transfers, and e-wallets. However, withdrawing your money is another story. Victims report encountering endless hurdles, unreasonable verification demands, and ultimately, frozen accounts. Forget accessing your hard-earned profits; ForrestFX ensures they stay firmly in their grasp.
If you have lost money to companies like YorkPro, or Bitexfy; please report it to us on our Report a Scam form.
Account Types
The way the ForrestFX accounts are presented on the website suggests that they are nothing short of magical. Among the advantages are prestigious trading tools, free education and signals, expert account management, priority withdrawals, and live sessions with Forex specialists.
Naturally, none of these are even slightly accurate or readily available; they are all lies meant to support the absurd account costs:
- Regular – $250
- Bronze – $10,000
- Silver – $25,000
- Gold – $50,000
- Platinum – $100,000
- Diamond – $250,000
- VIP – $500,000
- PRO – $1,000,000
Red Flags and Warning Signs
The company that owns and runs ForrestFx is Smart Solution Corp, a group of dedicated hackers that also owns several other phony websites. The parent firm has been placed on a blacklist along with all of these.
To far, we are aware of three Smart Solution Corp. schemes: Trubyx (on the CBR blacklist), Invest505 (on the AFM and IOSCO blacklists), and ForrestFX itself, which is on the blacklists of A-TVP, FSMA, CNMV, IOSCO, and CONSOB.
ForrestXF does not appear anywhere in the GLOFSA register, despite claiming to be incorporated in the Marshall Islands. Although the company claims to be based in the UK, neither Companies House nor FCA have any information on it.
Customer Complaints and Negative Reviews
Victims of ForrestFX share harrowing stories of being lured in by attractive marketing, losing their deposits, and facing a brick wall when attempting to recoup their losses. The internet is littered with complaints about:
- Frozen accounts: Once you deposit, your funds become mysteriously inaccessible. Excuses range from “technical difficulties” to “pending verification,” but the outcome is always the same – your money vanishes.
- Non-existent customer service: Emails go unanswered, phone lines remain silent, and live chat agents vanish into thin air. Communication ceases the moment you request a withdrawal.
- Hidden fees: The advertised spreads and commissions are just the tip of the iceberg. Hidden fees and charges drain your profits, leaving you with a fraction of what you invested.
ForrestFX Alternative Brokers
Plenty of reputable, regulated Forex brokers exist. Do your research and choose one with a proven track record, transparent fees, and regulatory oversight. Popular choices include:
- IG
- CMC Markets
- TD Ameritrade
- XTB
Got Scammed by ForrestFX? We Help Victims!
Unfortunately, recovering funds from a scam broker like ForrestFX is an uphill battle. However, resources exist to offer support and guidance. Consider:
- Reporting the scam to the FCA: Although they can’t directly help you recover your money, reporting the fraud might help prevent others from falling victim.
- Seeking legal advice: Consulting a lawyer specializing in financial fraud might offer avenues for pursuing legal action against ForrestFX.
- Joining online support groups: Connecting with other victims can provide emotional support and share valuable information about recovery efforts.
You can contact us with our professionals to get professional guidance. Our team of professionals can help you by providing recovery service recommendations to help recover the lost funds or You Can report to us today by the below form.
