Fomo Network is a forex and CFD trading broker that claims to offer a variety of trading features and services. However, there are a number of red flags that suggest that Fomo Network is a scam broker.
Company Overview
Fomo Network is a company registered in the Marshall Islands. The company does not have any regulation or oversight from any financial regulatory authority. This is a major red flag, as unregulated brokers are more likely to engage in fraudulent activities.
Does Fomo Network Have Any License?
No, Fomo Network does not have any license to operate as a forex or CFD trading broker. This is another major red flag, as only licensed brokers are legally allowed to offer these types of services.
Is Fomo Network Regulated By Any Authority?
No, Fomo Network is not regulated by any financial regulatory authority. This is a major red flag, as unregulated brokers are more likely to engage in fraudulent activities.
Pros and Cons
Pros:
- The minimum deposit is low.
- The trading platform is user-friendly.
- There are a variety of trading features and services offered.
Cons:
- The broker is unregulated.
- There have been complaints of fraudulent activity.
- The withdrawal process is slow and difficult.
How Does Fomo Network Reach To Their Prey?
Fomo Network uses a variety of methods to reach its potential victims. These methods include:
- Advertising on social media and other websites.
- Offering free trading signals and webinars.
- Cold calling potential victims.
Technical Details
Minimum Deposit:
The minimum deposit to open an account with Fomo Network is $250.
Trading Platform:
Fomo Network uses the MetaTrader 4 trading platform. This is a popular and well-respected trading platform, but it is important to note that Fomo Network has made some modifications to the platform, which could make it more difficult for traders to withdraw their funds.
Spread:
The spreads offered by Fomo Network are high. This means that traders will have to pay more to open and close trades.
Leverages:
The leverages offered by Fomo Network are also high. This means that traders can magnify their profits, but they can also magnify their losses.
Packages and Products They Offer
Fomo Network offers a variety of trading packages and products. These packages include:
- The Basic Package: This package offers a low minimum deposit and a limited number of trading features.
- The Silver Package: This package offers a higher minimum deposit and a wider range of trading features.
- The Gold Package: This package offers the highest minimum deposit and the most comprehensive range of trading features.
Withdrawal and Deposit Method
Fomo Network offers a variety of withdrawal and deposit methods, including:
- Credit card
- Debit card
- Bank wire transfer
- Bitcoin
What Do Their Previous Traders Say?
There have been a number of complaints from previous traders of Fomo Network. These complaints include:
- The broker is difficult to contact.
- The withdrawal process is slow and difficult.
- The broker has refused to pay out profits.
Summing Up- Why Should Not You Trust Fomo Network
There are a number of reasons why you should not trust Fomo Network. These reasons include:
- The broker is unregulated.
- There have been complaints of fraudulent activity.
- The withdrawal process is slow and difficult.
- The broker has refused to pay out profits.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to Fomo Network, you can get help from a financial recovery service. These services can help you to investigate the matter and to recover your lost funds.
File A Complaint Against Scam Broker's
Final Thoughts
Fomo Network is a scam broker that should be avoided. If you are considering trading with this broker, we urge you to reconsider. There are many other reputable brokers that you can trade with, and you do not want to risk losing your money to a scam.
If you have any questions or concerns about Fomo Network, please feel free to contact us. We would be happy to help you.
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