Fair Forex represents itself as the “fairest broker” on the market. However, for that, they should comply with some basic authority rules. To be fair to clients, a broker should be regulated, located in an approachable country, and allow withdrawals.
Whether a Fair Forex broker fulfills these terms, find out in our review.
- Also, we want to invite you to read our recently updated Primefin, TradedWell and PrimeXBT scam broker reviews. Your funds are in danger with them!
|Broker Status:||Unregulated Offshore Broker|
|Regulated by:||Unlicensed Scam Broker|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Fair Forex Limited|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Online Trading Platforms:||MT4, MT5|
|Broker No Deposit Bonus:||Not Available|
|Crypto Assets:||BTC, XRP, ETH (36 cryptos available)|
|Available Trading Assets:||Forex (FX), Indices, Commodities, Cryptocurrencies, Stocks|
|Free Demo Account:||Yes|
|Accepts US Clients:||US traders are accepted|
|Global Fraud Protection Experts’ Verdict:||Don’t Invest in This Scam Broker!|
Is Fair Forex Safe? – The Importance of Broker Regulation
As mentioned, one of the main things for any broker is their trading license. Therefore, we’ve decided to check if Fair Forex is regulated and by whom. Since the official owner is Fair Forex Limited from Saint Vincent and the Grenadines, it automatically means the company has no regulation.
This offshore country has an authority body, FSA, that registers financial companies and directs them to opt for regulation in the country of service. The company has another entity in Vanuatu, also an offshore country.
What’s Wrong With Fair Forex License?
Besides the fact that company regulation cannot come from SVG, we’ve checked Tier1 regulators as well and found nothing. There’s no regulation in Vanuatu as well, which means you’re dealing with an unregulated offshore brokerage.
Beware of this and do not trust unregulated companies since you have no guarantees for your money.
Negative Fair Forex Reviews – The Truth About Forex Broker
Searching for Fair Forex reviews, we’ve seen something that you don’t often see. Tremendous 4.2 stars score on Trustpilot. As our experience showed that some brokers love to buy reviews, we decided to check what traders are saying about FairForexFX broker.
We found a vast number of praises to Fair Forex. However, all of them are coming from the U.S., from accounts that have submitted this one review so far. If you’re an international broker, what are the odds that all of your reviews are from the same country?
Also, there are accounts registered in the U.K., stating to be U.S. traders. Is this another attempt to persuade U.S. clients to invest, or what Fair Forex is doing we cannot tell, but when something seems too good to be true, it usually is.
Fair Forex Trading Platform Review – Trading Software
Clients can choose between two Fair Forex trading platforms – MT4 and MT5. As both of these are MetaTrader versions, we were pleased to see that the broker keeps standards high, at least in this case.
Fair Forex MT4 – About MetaTrader 4 Platform
As the best platform in the industry, MT4 has a special place among traders. FairForex offers real-time market prices, a high number of technical and fundamental indicators, multiple trading orders, and an automated trading system. However, this last option is not recommended since you don’t know what kind of a system broker owns, as we speak about an unregulated offshore company.
Fair Forex MT5 – About MetaTrader 5 Platform
FairForexFX also offers an advanced MetaTrader version, MT5. It provides access to multiple devices, including mobile phones and tablets, advanced analytics, and again – an automated trading system.
Mobile Trading – iOS & Android Trading
As mentioned, FairForexFX enables mobile trading for iOS and Android if you want to use an MT5. We see it as somewhat limited since MT4 has its app as well, and there’s no reason for it not to be available.
Countries Prohibited By The Broker
As an unregulated brokerage, FairForex shouldn’t but can provide its services all around the globe. We’ve found reviews coming from the U.S., UK, Canada, Australia, and several E.U. and African countries.
The broker does not provide financial services in countries where the law strictly prohibits it. However, we don’t have a specific list of those countries.
Fair Forex Trading Instruments & Markets – What Can I Trade?
FairForexFX offers trading with a large number of trading assets, including:
- 47 currency pairs
- 16 indices
- 39 commodities
- 36 cryptocurrencies
- 564 stocks
However, there’s an issue of unregulated leverage that goes up to 1:500 and the fact this broker has no financial regulation.
Fair Forex Trading Accounts – Account Types
There are 4 different account types:
- Raw Spread Account
- Standard Account
- Pro Account
- Enterprise Account
As you can guess, the difference is in the spread, leverage, minimum deposit, and commissions.
Fair Forex Demo Account
Besides standard account types, broker offers Islamic swap-free accounts and Demo accounts where traders can practice their market knowledge and check available trading assets.
Fair Forex Withdrawal Methods – How To Withdraw Money?
There are several payment methods broker accepts. These are:
- Wire transfer
For all of the methods except credit cards, withdrawals are allegedly instant. If you decide to withdraw money directly to your bank account, you will pay a $35 processing fee regardless of your withdrawing amount. The minimum for withdrawal is $50, which is unfair since Fair Forex’s minimum deposit is the same. If you start with $50, lose a bit, and want a payout of the rest, it won’t be possible without depositing more.
Fair Forex Affiliate Program – Echoes of MLM Scam
Do not be shocked if you were approached to bring any friends or family members in exchange for a certain percentage. Company uses multi-level marketing or the so-called Ponzi scheme to bring in new clients. And we all know what happens in the case of a Ponzi scheme – you will get money if someone you brought loses.
Don’t fall for Fair Forex trading scam and avoid illicit brokers.
Scammed By a Fair Forex Broker? – We Know What to Do!
If you were scammed by Fair Forex or similar bogus brokerage, let us know. Global Fraud Protection recently received numerous complaints from Fair Forex scam victims, and we found a way to help them.
To get your hard-earned money back, book a free consultation with our professionals and let us assist you with the chargeback process.
Don’t Let the Scammers Go Away for Free!
What Is Fair Forex, And Should I Invest Money In It?
FairForexFX is an unregulated online trading brokerage not worth your time or money.
Is Fair Forex Available in the United States?
Yes, company provides services to U.S. residents without proper regulation.
Which Products Does Fair Forex Offer?
Company offers trading with currency pairs, commodities, indices, shares, and cryptocurrencies.
Are My Funds Safe With Fair Forex?
No, since the broker is not regulated, your funds are not safe with Fair Forex.