FXGT is a forex and CFD broker that claims to be regulated by the Financial Services Conduct Authority (FSCA) in South Africa. However, there are a number of red flags that suggest that FXGT is a scam broker.
Company Overview
Team
The FXGT website does not list any information about the company’s management team. This is a red flag, as legitimate brokers should be transparent about who is running the company.
Services or Products
FXGT offers a variety of trading products, including forex, CFDs, and cryptocurrencies. However, the spreads and commissions are high, and the trading conditions are not competitive.
License and Regulations
License Status
FXGT claims to be regulated by the FSCA in South Africa. However, the FSCA does not list FXGT on its website of registered forex brokers. This is a major red flag, as it means that FXGT is not subject to any regulatory oversight.
Regulation Status
FXGT is not regulated by any other major financial regulator, such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US. This means that there is no one to protect investors if FXGT goes rogue.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to any regulatory oversight. This means that they can engage in fraudulent or unethical practices, such as refusing to pay out profits or running off with client funds.
Second, unlicensed brokers are often located in jurisdictions with weak financial regulations. This makes it difficult for investors to recover their money if they are scammed.
Third, unlicensed brokers often use fake or misleading information on their websites. This can make it difficult for investors to assess the risks involved in trading with them.
Legal Warning Against FXGT
The Financial Conduct Authority (FCA) in the UK has issued a warning against FXGT, stating that it is not authorized to provide financial services in the UK. The FCA also warned that FXGT is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of negative reviews about FXGT online. Some clients have complained that they were unable to withdraw their profits, while others have said that they were scammed out of their entire investment.
Feedback About Their Trading
Several clients have complained that FXGT’s trading platform is buggy and unreliable. They have also said that the spreads and commissions are too high.
Feedback About Their Customer Service
Many clients have complained that FXGT’s customer service is poor. They have said that they have had difficulty getting in touch with customer support and that the representatives they have spoken to have been unhelpful.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by FXGT, there are a few things you can do. First, you should report the scam to the Financial Conduct Authority (FCA) in the UK. You can also file a complaint with the FSCA in South Africa.
Second, you should try to get your money back. You can do this by contacting your bank and requesting a chargeback. You can also try to sue FXGT in court.
Finally, you should contact us. When you submit your case through our website form, our experts will evaluate the case and will schedule a free consultation call. During the call, you will get some guidance and some recovery service recommendations to help you recover the lost funds.
Final Thought
FXGT is a scam broker. It is not regulated by any major financial regulator, and there are a number of red flags that suggest that it is not a legitimate business. If you are considering trading with FXGT, we hope you will not do that. There are many other forex brokers that are more reputable and reliable.
