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As online trading has become convenient and simple, it has seen a surge in its popularity. There are no such barriers to entry, whether in terms of experience, capital, or even skills and knowledge. This allows everyone to dip their toes in the space and generate high profits, which begins with a broker. You have to open a trading account with a brokerage to start trading in the financial market of your choice and there is a sea of options you can dive into. However, it is vital to remember that opting for a platform without doing your due diligence is not recommended. You need to check this FaireForex review before diving in.
Every market participant you talk to will advise the same because not every platform in the market is a good one. There are some professional solutions you can find, as well as those that offer low quality services. In fact, some of the companies out there are pure scams, so exercising caution is vital for everyone. Every platform will portray itself as authentic and innovative, but you need to ensure this is actually the case and not just a ruse. The same rule applies to FaireForex that claims to offer forex and cryptocurrencies for trading.
At first glance, the FaireForex website looks very well-designed and creates a positive impression, so most traders may want to open an account straight away. But, once you do your diligence, you will find that there is no such meaningful information that can be found on their website and all they seem to be doing is misleading people. You do not want to opt for such a broker because there are plenty of issues and they do not appear to be legitimate at all. What are the problems you will uncover when you look into FaireForex? Take a look below:
Website is full of inconsistencies
As mentioned above, at first glance it seems that FaireForex is offering a great deal of information, but when you dig deep into the information, you will find the inconsistencies that should be considered a warning. First off, you need to check the regulatory status of a brokerage before you choose their services because a regulated and licensed broker can offer you protections in terms of data security and fund safety. Plus, they also offer high quality services because they have to meet certain standards.
Scam brokers are mostly unregulated and shady ones, so you need to avoid them altogether. According to the FaireForex website, you will find that the broker claims to be incorporated as well as regulated in the Republic of Kazakhstan. This claim in itself is downright ridiculous because Kazakhstan does not regulate its forex industry, which means that you are essentially dealing with an unlicensed and unregulated platform.
The fact that FaireForex is claiming to be regulated in Kazakhstan just to create the illusion of regulation should be considered a warning because this is only something scam platforms would do. Another problem that you will find is the fact that FaireForex is associated with another broker known as CapitalXtend. This is also a shady broker and it seems that FaireForex has copied the data from their website directly and not edited the name.
This just makes it a poor scam and should alert you about the true nature of FaireForex. What is more alarming is that it seems that you are dealing with a virtually anonymous broker. You can go through their website and not find any information about the actual company. As a matter of fact, they have not given an office address, or even a phone number. There is no way for you to contact them in case something goes wrong and you have absolutely no idea who you are dealing with.
The fact that the licensing and regulation claims of FaireForex are false is reason enough to avoid them, but if you need additional proof about it being a scam, all you have to do is look at the FCA warning. The FCA is the Financial Conduct Authority, which is the regulatory authority of the United Kingdom and one of the most renowned ones in the world. The fact that they have issued a warning about any broker is enough to determine that there is something wrong with the platform.
According to the FCA warning, it appears that FaireForex is offering its services to traders in the United Kingdom. Doing this is illegal without a license and the broker clearly doesn’t have one. No authentic broker would ever make this mistake because it can ruin their reputation. Since FaireForex is doing so, it is apparent that they do not care because they are not legitimate in the first place.
Lack of trading software
The primary tool that you need for trading is the software or platform and this is what a broker provides to you. The problem with FaireForex is that firstly, they do not share any trading conditions on their website, so you cannot know what to expect. Secondly, when you open a trading account, you will find that they don’t even pretend to offer you a platform. Instead, you will come across a client portal they have on their website and it only gives you the option of making a deposit and referring the broker to other clients. This makes it appear similar to a Ponzi scheme that wants you to deposit and get others to deposit as well, but there is no option of trading.
Only crypto payments accepted
When you have already found so many problems with FaireForex, it doesn’t really come as a surprise that they only accept crypto payments. The advantage to scammers of these payments is that bitcoins and other cryptocurrencies cannot be traced that easily, so their transactions are final for the most part. Most importantly, they are also non-refundable, as opposed to credit cards that come with a chargeback option.
If you are thinking about opening a trading account with FaireForex, it would certainly not be the right choice. Avoiding it is the smartest choice you can make.