FERGOFX Review – Do your Homework

FERGOFX Review

Trading in the financial markets is a dream for many and thanks to online brokers, it can now come true. There is a horde of companies that have been founded to cater to anyone who wants to dip their toes in any market and they provide everything required in the journey to help you achieve your goals. Nonetheless, this does not mean that every brokerage is an exceptional one because every garden has some bad seeds. There will be companies that make big promises, but fail to deliver and this FERGOFX review can shed light on one of the options you will find.

What you need to remember when you begin searching is that no company is outright going to admit to its shortcomings. If the company is not an authentic one, it will not share its fraudulent nature with you either. After all, its primary aim is to con you, which means it will do the opposite and try and convince you that it is the best option out there. The reason so many people get scammed is because these companies are good at convincing people that they can offer them what they need. By the time they discover the truth, it is already too late.

Unless you want to find yourself in the same category, you should make it a priority to do your homework when looking for a brokerage. It is tempting to sign up with the first one that looks decent, but you should think about the potentially devastating consequences this negligence could lead to and be cautious. One of the names you will find on your possible broker list is FERGOFX and it will certainly dazzle you, especially because of its regulation claims. This is where you have to be patient and do your homework to ensure the broker is not leading you on.

It certainly pays off to do so with FERGOFX because you come to know just how the brokerage is hoodwinking you. Ready to know? Take a look:

Lies about its regulation

The first thing you need to know about any brokerage is their regulatory status because this tells you if they have a license to offer their services or not. Yes, a license can make a big difference because it can offer you protections that you cannot get with an unlicensed brokerage. Licensed ones have to comply with laws and policies and maintain high standards that others do not. Therefore, it is best to opt for those that are regulated to save yourself from any trouble down the road. The fact that FERGOFX claims to be regulated is one of its biggest draw.

Most importantly, you will find that FERGOFX claims to be regulated by the Financial Conduct Authority (FCA). This is the regulatory body of the UK and is recognized as one of the top financial institutions in the world. A license from the FCA carries a lot of weight, so this can be quite impressive. Unfortunately, when you do your homework and check the registers of the FCA, you will find that FERGOFX is simply lying to you.

You will not find FERGOFX in the FCA’s online registry at all. In fact, you don’t even have to check this because some of the offerings of the broker are in direct contradiction of the rules of the FCA. For instance, the brokerage is offering its clients crypto CFDs, which have been banned in the UK. Secondly, if you check the leverage ratios offered on the platform, you will find that they go as high as 1:400. The FCA has imposed a limit on leverage of about 1:30. These are clear indications that FERGOFX is definitely not regulated by the FCA.

Blacklisted by the FCA

We have already established that the claim of FERGOFX about having a license from the FCA is false. Therefore, it does not really come as a surprise when you discover that the brokerage has been blacklisted by the regulatory authority. Indeed, the Financial Conduct Authority has issued a warning about the company, as it seems to be operating illegally in the UK.

Lack of trading platform

You are able to execute your trades in the financial markets with the trading platform provided by the broker you sign up with. Every brokerage provides a trading platform to its clients because there can be no trading without it. If you check for popular platforms, you will come across names like the MT4, MT5 and cTrader mentioned. But, when you check the trading platform available at FERGOFX, you will find that there is none available.

This can be quite a shock because there can be no trading without the platform, so it does not make sense for a broker to not offer it. Yet, when you check FERGOFX, you will only come across a user dashboard that offers you crypto quotes that are provided by leading crypto exchange called Binance. Apart from that, the platform does not really do anything and you cannot use it for trading.

No Terms and Conditions

When you sign up with a brokerage, you have to agree with their Terms and Conditions and this is a norm for every platform. The problem with FERGOFX here is that they do have not shared their Terms and Conditions on their website. There is no legal documentation available, whether in the form of T&Cs, or in the form of a Client Agreement. This means that you will have no idea of their policies or their charges and are expected to agree with them blindly.

Only crypto payments allowed

Another alarming aspect of FERGOFX that you will come across is the fact that they only accept crypto payments. This is definitely concerning because this method does not allow you to file a chargeback, which means there will be no refunds. Moreover, FERGOFX lies and claims that it supports wires, bank cards as well as e-wallets when it doesn’t.

Bottom Line

Doing your homework shows that FERGOFX is up to no good and should not be trusted at all.