AGM Group (Agm-invest.com) is a new brokerage firm that has reared its head in the Forex world. Apparently, AGM Group is registered in the UK according to details on its homepage. It comes with a MetaTrader4 trading platform and one generous leverage. Members of this brokerage firm are presented with leverage of up to 1:500. It also provides a wide array of trading products to choose from.
AGM Group comes with a spread of 1.5 pips on EUR/USD which borders on the industry’s average. In order to join AGM Group, you are required to make a deposit of $250. This amount is standard in forex trading. Things appear ordinary with AGM Group and that’s where the problem lies.
As our esteemed clients and readers, we urge you to go through a detailed review. This is an honest investigation we conducted after receiving numerous complaints from members of AGM Group. One of them claimed his deposit was lost in a matter of minutes and could not reach anyone for details. Therefore, we did full research and our findings will shock you.
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AGM Limited is the name of the company which is behind AGM Group. When we went through the broker’s website, we could not find any address linked to AGM Limited. We don’t know which country AGM Limited came from but only that it’s a ghost company. Why? The registrar of companies in the UK doesn’t have a clue about AGM Limited. This means AGM Group is operating under false pretence.
One company that popped up with the name AGM Limited had nothing to do with Forex. This means the address that this fake broker is using is masked. They are using a different company with the same name to link their address. This makes it hard for any member to reach out to them. This also means that AGM Group is not monitored by any regulatory institution. Anonymity used by AGMGroup is raising more questions than answers.
Instead of dealing with unregulated forex brokers, why not join forex brokers that are licensed? Regulated and licensed forex brokers are trusted and earn real profits for members. This way, you will not have to worry about losing money.
Such anonymity and lack of information make AGMGroup a scam. It also means that this broker has one agenda. To steal all your money since anonymity speaks volumes. Anonymity is a way of telling us the broker has ill-minded intentions. Having said this, we can safely conclude AGM Group is not regulated. No regulatory body would let a brokerage firm to stay anonymous.
One of the reasons why AGM Group appears to be impartial is their trading platform. The fact that they are offering investors MetaTrader4 platform makes them appear legit. This platform is the leading platform most forex brokers use to trade. This product also provides traders with a test demo account. However, this is another caveat and meant to deceive your attention. We have learned that AGM Group has used a company called Solid Plus LTD to provide this platform.
It should be noted that Solid Plus LTD has been blacklisted by Italian and French authorities. CONSOB which is the Italian financial watchdog was the first to raise a red flag. When we used their demo account, we saw a spread of EUR/USD of a pip and a half. This is also above board and its what they are after. When members try the demo account and see it falls under rules and regulations, they will trust it.
Clients who sign up are extended with a leverage of up to 1:500. We are here to let you know that this is very high leverage, especially in Europe. Why? Restrictions set by ESMA do not allow for such high leverage. Europe only allows leverage of 1:30 as we speak. These restrictions have made some forex brokerage firms to cease operations.
Another red flagged that we came across was that this product is misleading traders. They are misleading traders into believing that AGM Group is connected with CySEC-licensed AGM Markets. Our main guess is that they chose this name in order to pull off this fraud. People would easily associate themselves with CySEC.
AGM Group is not in any way associated with AGM Markets and is not regulated by any authority. This means that potential clients who sign up with it are associated with certain risks. As a trader, you can exclude yourself from such risks by associating with licensed Forex brokers. Always go for brokers who are regulated by financial bodies such as CySEC and FCA.
Avoid fake brokers and get brokers who are regulated by prestigious regulatory agencies. By doing this, you limit any risks of losing money and are always in the right hands.
If this fake broker is not regulated, then it’s not licensed. One of the reasons real brokers are regulated is because of assurance. Assurance that security of funds provided by the client is secure. Segregation of accounts is among rules that legitimate forex brokers use. This helps in lowering the risk of commingling.
Legitimate brokers must participate in a compensatory scheme. This means a client’s losses can and will be covered in the event a brokerage goes bankrupt. A brokerage firm might want to swindle traders and participating in a compensatory scheme helps avoid this.
With this product, clients have a poor choice of payment methods. They can either choose MasterCard, Visa, PayPal or Bank Wire. When you look at the broker’s terms and conditions, there are no withdrawal conditions. This makes it a troubling forex brokerage firm. Also, note that no contact address and also no regulations. It makes it hard for us to trust this product.
Knowing how a scam goes about is valuable information that you should know. What these scammers do is provide a get quick money scheme. These schemes are always easy and scammers assure no effort is required. They require just your email and phone number details. Once you share this information, you can start receiving calls from brokers associated with them.
These brokers will want you to invest in them and claim you will win big. The initial deposit will be upwards of $250 and you start trading. Your account will see successful win rates and scammers will entice you to invest upwards of $10,000. This is when all hell breaks loose.
When you want to withdraw even a small percentage of your money, issues start rising. You will be asked to wait for the right withdrawal period which will never come. Before you know it, these scammers have dried your bank account.
There are recovery agencies who claim to help with these. Never trust these recovery agencies as they are crooked as the scammers themselves. Once you make your upfront payment to them, they will disappear without a trace.
The first thing you should do is file a chargeback with your credit card provider. Due to numerous scams, credit card providers have increased the chargeback period to 6 months. Always remember to cancel your credit card and have a new online bank password.
AGMGroup is a scam that all potential Forex investors should stay away from. Proof has been provided above as to why this brokerage firm is a hoax. Stay away from it.
Having concrete proof that AGMGroup is a scam, you should, therefore, stay away from it. Don’t reply or send your contact details to anyone purporting to be a staff of AGM Group.
Instead of dealing with fake forex brokers, there’s a better and more secure option. You can always deal with licensed and regulated forex brokers. With approved brokers, your money is safe and you actually have a chance to make real profits.
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