Caution Investors Fursts – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Fursts Review: Is It a Legit Broker or a Scam?
If you are looking for a reliable and trustworthy online broker, you might have come across Fursts. Fursts claims to offer a wide range of trading products and services, including forex, stocks, commodities, indices, and cryptocurrencies. But is Fursts a legit broker or a scam? In this review, we will examine the various aspects of Fursts and help you decide whether it is worth your time and money.
Overview:
Fursts is an online trading platform that was launched in 2019. According to its website, Fursts is operated by Fursts Ltd, a company registered in St. Vincent and the Grenadines. However, there is no evidence of any regulatory license or authorization from any reputable financial authority. This means that Fursts is an unregulated broker that operates without any oversight or protection for its clients.
Regulation and Compliance:
As mentioned above, Fursts is not regulated by any financial authority. This is a major red flag for any online broker, as it exposes its clients to various risks and dangers. For instance, unregulated brokers can manipulate trading conditions, charge hidden fees, refuse to process withdrawals, or even disappear with the client’s funds. Moreover, unregulated brokers are not obliged to follow any rules or standards regarding the security of the client’s data, the segregation of the clients’ funds, or the compensation scheme in case of insolvency.
Customer Reviews:
Another way to assess the credibility of an online broker is to look at the customer reviews and feedback. Unfortunately, Fursts does not have a good reputation among its customers. On various online platforms and forums, such as Trustpilot, Forex Peace Army, and Scamwatcher, there are numerous complaints and negative reviews about Fursts. Many customers have reported that Fursts is a scam that lures them with false promises and then blocks their accounts or denies their withdrawal requests. Some customers have also claimed that Fursts uses aggressive and unethical marketing tactics, such as cold calling, spamming, and pressuring them to deposit more money.
Products and Services:
Fursts claims to offer a variety of trading products and services to its customers. According to its website, Fursts provides access to over 200 trading instruments across different markets, such as forex, stocks, commodities, indices, and cryptocurrencies. Fursts also claims to offer competitive spreads and leverage, as well as advanced trading tools and platforms, such as MetaTrader 4 and WebTrader. However, these claims are not verified or supported by any evidence or testimonials. Moreover, Fursts does not disclose any information about its trading conditions, such as the minimum deposit requirement, the commission structure, the withdrawal policy, or the account types.
Location:
Fursts states that its headquarters are located at Suite 305 Griffith Corporate Centre Beachmont Kingstown St Vincent And The Grenadines. However, this address is known to be used by many other shady and fraudulent brokers that operate from offshore jurisdictions. St. Vincent and the Grenadines is a notorious destination for scam brokers, as it has no financial regulation or supervision. Therefore, Fursts’s location is another indication of its lack of legitimacy and transparency.
Customer Service:
Fursts claims to have a professional and responsive customer service team that is available 24/7 via phone, email, or live chat. However, this claim is contradicted by the customer reviews and feedback. Many customers have reported that Fursts’s customer service is rude, unhelpful, or unreachable. Some customers have also stated that Fursts’s customer service agents are only interested in convincing them to deposit more money or to open more trades.
Conclusion:
Based on our research and analysis, we conclude that Fursts is not a legit broker but a scam. Fursts has many warning signs and red flags that suggest that it is not a reliable or trustworthy online trading platform. Fursts is not regulated by any financial authority, has a bad reputation among its customers, does not disclose any information about its trading conditions or products, operates from an offshore location, and has poor customer service. Therefore, we advise you to avoid Fursts at all costs and to look for a regulated and reputable broker instead.
