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ForbesTrader Review – The Truth About This Scam Broker
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ForbesTrader Review, Promises of overnight wealth and success are all we hear from this fraudulent broker. However, we guarantee that trusting this con artist with your funds will never land you on one of Forbes’ lists. Instead, you’ll end up penniless. We intend to prove our claim with facts so sit back, relax, and read all about this crooked scheme.
|Leverage||Up to 1:500|
|Regulation||Unregulated Scam Broker|
|Headquarters||Sitz für Europäische Kunden
COIN Exchange Paradeplatz 8, Zürich, Switzerland
|Broker Type||Forex, Crypto, Indices, Stocks, Commodities|
The Safety of Funds and the Regulation of ForbesTrader
Hiding behind a reputable business-related name was a clever move, bravo ForbesTrader. Nevertheless, the scam broker left us with a series of clues that helped crack this case. For example, this one discrepancy instantly poked our eyes and gave us a place to start.
In the T&C section, our little trickster claims it operates out of Zurich, Switzerland, under the jurisdiction of the German regulator, BaFin. Strange, right? Although they are neighbors, Germany and Switzerland don’t have the same regulator – FINMA is the law for the Swiss. We decided to check the regulator’s database and lo and behold – a terrifying revelation.
It seems that there has been a warning issued against ForbesTrader. Not only one for that matter. Aside from the notable FINMA warning, the AMF from the Netherlands and the Portuguese CMVM have also issued warnings against this fraudster. Forget the Forbes, the only list this broker is on is the blacklist! No license!
ForbesTrader Platform Overview
It’s a bit of a strange case of déjà vu for us. “Award-winning platform”? We highly doubt it. There’s a preview menu of the suspicious trading platform but the website failed to load it. Broken links aren’t a good look for ForbesTrader. Nevertheless, we checked these awards and none of them correspond to what our fraudster said.
Therefore, if there even is a valid trading platform available, we strongly believe that it’s a basic web-based terminal with limited features and rudimental functioning. The broker even says “no download required,” confirming our claim. It might be a good fit for beginners but even they ought to outgrow it pretty fast.
Advanced tools such as automated trading, live-market reports, API integration and more are unavailable. For those, you will need to find a reliable and licensed broker that offers the industry’s standard, i.e. Meta Trader 4 or Meta Trader 5.
Account Types Available
ForbesTrader claims to offer clients four different account types. Check it out:
- Standard – $250, spread from 1.5 pips, leverage up to 1:500, bonus up to 30%;
- Silver – $2,500, spread from 1.5 pips, leverage up to 1:500, bonus up to 30%;
- Gold – $10,000, spread from 0.8 pips, leverage up to 1:500, bonus up to 100%;
- VIP – $50,000, spread from 0.0 pips, leverage up to 1:500, bonus up to 100%.
Well, the minimum prices for each account type aren’t good at all. Way too high for an unregulated and blacklisted broker. Furthermore, there’s another piece of evidence that indicates we’re dealing with a scam – leverage.
European financial market regulators have limited the leverage to 1:30 for retail clients. On the other hand, ForbesTrader went above and beyond and allowed it to be set at 1:500! Such high leverage results in great losses usually, hence the legal limit. As for spreads, 1.5 pips is wider than the industry’s standard of below 1 pip, and therefore, unfavorable.
Last but not least, we have the irksome bonuses. Having also been banned by top-tier European regulators, these little instruments of fraud serve as a pretext to prevent clients from withdrawing funds. There’s always a vexing clause somewhere designed for that purpose.
Trading Instruments Offered
As far as trading assets go, ForbesTrader listed the usual with generic descriptions but failed to list available instruments. Since the trading platform was unavailable at the time of this writing, we were unable to provide examples. But still, it matters little due to the broker’s problematic legal status. Anyways, here’s the list of assets:
- Forex currency pairs;
Deposits and Withdrawals Process
When it comes to payment methods, we found out that ForbesTrader accepts the following payment options:
- Credit/debit cards (MasterCard & Visa);
- Wire Transfers;
The usual, we guess. Of course, the fraudster included Bitcoin. After all, scammers like ForbesTrader worship crypto because it allows them to remain anonymous and conduct their wrongdoing. The minimum deposit, as mentioned, is $250.
How Do I Obtain A Refund After Being Defrauded by ForbesTrader?
If you paid via credit/debit card, then you’re in luck. There’s something called a chargeback. You can request it at the issuing bank within 540 days. Essentially, it’s the reversal of card-related transactions. However, it won’t work if you’ve provided the scammer with copies of your documents such as the ID card or passport.
For wire transfers, the process is known as a recall. There’s also a catch – if the transaction is finished, the recall will fail. Crypto transactions are considered irreversible, but that’s not true. They can be traced to a wallet within a crypto exchange. You won’t know to whom it belongs but you can request a refund from the exchange.
- ForbesTrader is an anonymous scam broker engaged in shady cyber fraud activities;
- The Swiss address provided is fake, as well as the German license;
- The broker has been blacklisted by three financial market regulators;
- The trading platform is nothing more than a simple WebTrader;
- The minimum deposit required is $250;
- Leverage considerably exceeds the legal limit imposed by regulators.
FAQs About ForbesTrader Broker
Is My Money Safe at ForbesTrader Broker?
Your money isn’t safe at ForbesTrader because the broker has been blacklisted.
How Long Do ForbesTrader Withdrawals Take?
ForbesTrader did not disclose how long withdrawals take. Nevertheless, we believe that there aren’t withdrawals at all.
What Are The Funding Methods For ForbesTrader?
For funding methods, ForbesTrader says it accepts credit/debit cards, wire transfers and Bitcoin.