Caution Investors ForrestFX / Smart Solution Corp. – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Overview:
ForrestFX is a company that claims to offer smart solutions for online trading and investing. However, the company has been flagged by the Dutch Authority for the Financial Markets (AFM) as a suspected boiler room, meaning that it may be involved in fraudulent and deceptive practices. In this review, we will examine the regulation and compliance, customer reviews, products and services, location, and customer service of ForrestFX, and explain why you should steer clear of this company.
Regulation and Compliance:
One of the most important factors to consider when choosing an online broker or investment platform is whether it is regulated and compliant with the relevant laws and standards. Regulation ensures that the company is authorized to operate in a certain jurisdiction and that it follows the rules and regulations that protect the interests and rights of investors. Compliance means that the company adheres to the ethical and professional standards of conduct that are expected from a financial service provider.
Unfortunately, ForrestFX fails to meet both criteria. According to the AFM, ForrestFX does not have an AFM license or a European Passport, which means that it is not authorized to offer financial services in the Netherlands or in any other European country. Moreover, the AFM warns that ForrestFX is a suspected boiler room, which is a term used to describe fraudulent individuals and organizations that use high-pressure sales tactics to persuade potential investors to buy shares that are either worthless or non-existent. The AFM advises consumers not to respond to any offers from ForrestFX, and to report any contact with the company to the AFM.
Customer Reviews:
Another way to assess the credibility and reputation of a company is to look at customer reviews and feedback. A good company should have positive reviews from satisfied customers who can attest to the quality and reliability of its products and services. A bad company, on the other hand, should have negative reviews from unhappy customers who can warn others about the problems and issues they encountered with the company.
In the case of ForrestFX, we could not find any genuine customer reviews or testimonials on its website or on any other reputable source. This is a red flag that indicates that the company may not have any real customers at all, or that it may be hiding or deleting any negative reviews that expose its fraudulent activities. The only reviews we found were on some obscure websites that seemed to be affiliated with ForrestFX, and they were all overly positive and suspiciously similar. These reviews could be fake or paid for by ForrestFX itself, and they should not be trusted.
Products and Services:
A legitimate company should offer a range of products and services that suit the needs and preferences of different types of investors. A scam company, however, may offer products and services that are vague, unrealistic, or non-existent. A scam company may also make false or exaggerated claims about the performance, returns, or risks of its products and services, in order to lure unsuspecting investors into its trap.
ForrestFX claims to offer various products and services related to online trading and investing, such as forex, stocks, commodities, indices, cryptocurrencies, CFDs, ETFs, bonds, futures, options, and more. However, the company does not provide any details or information about these products and services on its website. There is no mention of the trading platforms, tools, features, fees, commissions, spreads, leverage, margin requirements, execution speeds, order types, or any other relevant aspects that investors should know before opening an account with a broker or investment platform. There is also no evidence or proof of any actual trading or investing activity taking place on ForrestFX’s platform. The company simply makes vague and generic statements about how it can help investors achieve their financial goals with its smart solutions.
Location:
A trustworthy company should have a physical address and contact details that can be verified and used by customers who need assistance or support. A shady company may have a fake or misleading address or contact details that cannot be verified or used by customers who need help or want to complain.
ForrestFX claims to be located on the 1st Floor 85 Great Portland Street London W1W 7LT United Kingdom. However, this address does not belong to ForrestFX. It belongs to a company called Regus UK Ltd., which provides virtual office services for various businesses. This means that ForrestFX does not have a physical presence at this address,
and it may be using it as a front to appear legitimate. Moreover,
the phone number (+44 203 807 0060) and email address ([email protected]) provided by ForrestFX do not seem to work or respond to any inquiries or complaints from customers.
Customer Service:
A reliable company should have a professional and responsive customer service team that can handle any questions or issues that customers may have with its products or services. A dodgy company may have a poor or non-existent customer service team that can only harass customers with unsolicited offers or ignore their requests or complaints.
ForrestFX claims to have a 24/7 customer service team that can be reached by phone, email, or live chat. However, as we mentioned earlier, the phone number and email address provided by ForrestFX do not work or respond to any inquiries or complaints from customers. The live chat feature on its website also does not work or respond to any messages from customers. The only time that ForrestFX seems to contact customers is when it wants to pressure them into buying its dubious products or services, or when it wants to prevent them from withdrawing their money.
Conclusion:
Based on our review, we conclude that ForrestFX is a suspected boiler room that should be avoided by anyone who values their money and safety. The company is not regulated or compliant with the relevant laws and standards, and it may be involved in fraudulent and deceptive practices. The company does not have any genuine customer reviews or testimonials, and it does not provide any details or information about its products or services. The company does not have a physical address or contact details that can be verified or used by customers, and it does not have a professional or responsive customer service team. The company is a scam that should be reported to the authorities and avoided at all costs.
