Looking To Invest in FXCG? Read Our Honest Review

Is FXCG Legit or Scam?

Absolutely not. FXCG exhibits all the hallmarks of a scam broker. While they claim to be a fully regulated international broker, a closer look reveals they hold no legitimate forex licenses and appear to be operating from offshore locations. This lack of regulation creates a dangerous environment for traders, with potential consequences like:

• Difficulty withdrawing funds
• Hidden fees and charges
• Manipulation of trading platforms
• Unresponsive customer support

Before investing with any broker, conduct thorough research to ensure they are properly licensed and regulated.

Company Overview

Services or Products

FXCG claims to offer a wide variety of trading instruments, including:

• Forex pairs
• Indices
• Shares
• ETFs
• Commodities
• Cryptocurrencies

However, due to their lack of credibility, the legitimacy of these offerings cannot be verified.

If you have lost money to companies like AlphasCrypto, or AllStockNow; please report it to us on our report a scam form.

Trading Platform & Leverages

FXCG reportedly offers the industry-standard MetaTrader4 platform. Leverage is advertised as high as 1:500. While these features might seem attractive, remember, dealing with an unregulated broker exposes you to significant risks.

Spreads and Cost of Trading

FXCG advertises tight spreads starting from 0.3 pips. However, with an unregulated broker, there’s no guarantee these rates are accurate or even achievable. Additionally, hidden fees and charges can significantly increase your trading costs.

License and Regulations

This is where FXCG raises major red flags.

• False Claims of Regulation: FXCG claims to be Australian security and investment commission (ASIC)-regulated in Australia. This is demonstrably false.
• Offshore Registration (Unverified): There are mentions of FXCG being registered offshore in St. Vincent and the Grenadines and the British Virgin Islands. However, the legitimacy of this information cannot be confirmed.

Legal Warning Against GT-Trader

While not directly related to FXCG, it’s important to note that the website displaying this review also mentions a legal warning against a broker called GT-Trader. This further emphasizes the importance of choosing a properly licensed and regulated broker.

Deposit and Withdrawal Methods

FXCG claims to accept various payment methods, including:

• Debit/Credit cards (VISA, Mastercard)
• Bank wire transfers
• AsiaPay

However, there are concerns:

• Unregulated Brokers and Crypto Deposits: Unregulated brokers often pressure users to deposit via cryptocurrencies like Bitcoin. These transactions are irreversible, making it impossible to recover funds in case of a scam.
• Hidden Fees and Withdrawal Issues: Unregulated brokers may impose exorbitant withdrawal processing fees or make it difficult to withdraw funds altogether.

FXCG Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Unlicensed brokers operate outside the oversight of financial authorities. This lack of regulation creates a risky environment for traders, with potential consequences such as:

• Loss of Funds: Unregulated brokers can easily manipulate trading platforms or refuse withdrawal requests, resulting in a complete loss of your invested capital.
• Hidden Fees: Unregulated brokers may have hidden fees and charges that significantly eat into your profits.
• Unresponsive Customer Support: In case of problems, you’ll likely encounter unresponsive or unhelpful customer support.

Client Feedback

There are no reliable client reviews available for FXCG. This lack of user feedback further strengthens the case against their legitimacy.

How Can “ReviewsAdvice” Help You If You Get Scammed?

Unfortunately, if you get scammed by an unregulated broker, recovering your funds can be very difficult. However, “ReviewsAdvice” can help you avoid such situations in the first place by providing unbiased reviews and information on forex brokers. Also, our professionals will provide you with professional guidance and recovery service recommendations to help you recover the lost funds or you can report to us today by the below form.