While investment markets have always been on the hit list of scammers, the foreign exchange market is more susceptible because of the sheer number of its transactions. With an average of $6.6 trillion daily turnover, the forex market is the most tempting place for money stealers to make off their loot. Since multiple complaints have been filed against Forex4you, we suspect this broker to be a suspicious entity and warn investors from signing up with it.
Forex4you - A Quick Overview
Founded in 2007, Forex4you (https://www.forex4you.com/) is an online brokerage firm based in the British Virgin Islands. The company provides retail trading services across various financial markets, including forex, commodities, stocks, and indices. Flexible account types and multiple trading platforms appear to be the company's strong points in enticing traders. The company also supports social trading services, enabling clients to copy the trades of expert professionals and generate a passive income. An educational library is also available for clients to learn the basics of forex and CFD trading.
Is Forex4you Regulated?
Forex4you, a brand name of E-Global Trade & Finance Group, Inc., is authorized and regulated by the British Virgin Islands Financial Services Commission (BVI FSC) under the Securities and Investment Business Act, 2010, license number SIBA/L/12/1027. And the brokerage is not registered nor regulated anywhere else.
Forex4you holds a poor reputation among clients. The organization is accused of stealing from its customers by artificially inflating prices, closing accounts without warning, and ignoring customers' requests to withdraw their funds. BrokersView and other third-party review sites have also received complaints regarding the company's customer service. Here are some screenshots.
What Makes Forex4you A Suspicious Broker?
First, it is an offshore entity that only regulated by BVI FSC. Although the regulator has been around for almost 20 years, it is still less stringent than the FCA, ASIC, or CySEC due to its relatively easy registration and low minimum paid-in capital requirements.
Second, the broker is a poorly rated companies. More than 80% of the reviews have reported its malpractices on social and digital marketing platforms.
Why Forex4you Dissatisfied Customers?
A dissatisfied client told us the whole experience when trading with Forex4you.
When he signed up with a broker, a member of the sales team contacted him, claiming to be his account manager. The manager asked the client to deposit money into the account, making fake promises to help him generate lucrative returns.
After the client made an initial deposit, the case got transferred to retention agents who try to con him out of even more funds.
Once the company believed the customer has invested up to the maximum extent, it became less incentivized for the company to keep in touch with him. Therefore, it stopped answering his calls and emails. The most disappointing aspect was that the withdrawals were never processed.
Before doing business with any brokers, it is recommended that you do thorough research and try to contract with a reliable entity.
We believe that pointing to dubious companies like Forex4you can contribute to a better investment climate. If you have any trouble with your broker, you can contact Service@BrokersView.com.