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Forex Share Trade
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The United Kingdom’s Financial Conduct Authority has issued a warning against Forex Share Trade in October 2023
Forex trading is a popular way of making money online, but it also comes with many risks and challenges. One of the most important decisions you need to make as a forex trader is choosing a reliable and trustworthy broker. In this post, we will review Forex Share Trade, a new broker that claims to offer low spreads, fast execution, and high leverage. Is Forex Share Trade a scam or a legit broker? Let’s find out.
What is Forex Share Trade?
Forex Share Trade is an online forex broker that was launched in 2023. According to its website, Forex Share Trade is regulated by the Financial Services Authority (FSA) of Seychelles, and has offices in London, Dubai, and Hong Kong. Forex Share Trade offers over 100 currency pairs, as well as CFDs on indices, commodities, stocks, and cryptocurrencies. Forex Share Trade also provides various trading platforms, including MetaTrader 4, MetaTrader 5, and a web-based platform.
What are the advantages of Forex Share Trade?
- Low spreads: Forex Share Trade says it offers competitive spreads starting from 0.1 pips on major currency pairs.
- Fast execution: Forex Share Trade says it uses advanced technology and liquidity providers to ensure fast and accurate execution of orders.
- High leverage: Forex Share Trade says it offers up to 1:1000 leverage on forex and up to 1:500 leverage on CFDs, which can increase your profit potential but also your risk.
- Multiple account types: Forex Share Trade says it offers four types of accounts to suit different trading styles and preferences: Standard, Pro, VIP, and ECN.
- Free education: Forex Share Trade says it provides free educational resources for its clients, such as webinars, ebooks, videos, and articles.
- ustomer support: Forex Share Trade says it has a dedicated customer support team that is available 24/7 via phone, email, live chat, and social media.
What are the disadvantages of Forex Share Trade?
- Offshore regulation: Forex Share Trade is regulated by the FSA of Seychelles, which is not a reputable or strict regulator. This means that Forex Share Trade may not follow the best practices or standards of the industry, and may not protect your funds or rights as a client.
- Lack of transparency: Forex Share Trade does not provide much information about its background, ownership, or financial situation. This makes it hard to verify its credibility or trustworthiness.
- High fees: Forex Share Trade charges some fees that may affect your trading performance, such as withdrawal fees, inactivity fees, swap fees, and commission fees (for ECN accounts).
- Negative reviews: Forex Share Trade has received many negative reviews from its clients on various online platforms, such as Trustpilot, Forex Peace Army, and Scamadviser. Some of the common complaints include poor customer service, delayed withdrawals, platform glitches, and account manipulation.
Is Forex Share Trade a scam or a legit broker?
Based on our research and analysis, we cannot recommend Forex Share Trade as a reliable or trustworthy broker. Forex Share Trade has many red flags that suggest it may be a scam or a fraudulent broker. These include:
- Offshore regulation by a weak authority
- Lack of transparency and accountability
- High fees and hidden charges
- Negative feedback from clients
- Potential involvement in illegal activities
Therefore, we advise you to avoid Forex Share Trade and look for other brokers that have a better reputation and regulation. If you have already invested with Forex Share Trade, we suggest you withdraw your funds as soon as possible and report any issues to the relevant authorities.
What to Do If You’ve Lost Money with Forex Share Trade?
If you have been scammed by Forex Share Trade or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.