Fargo Global (Fargo-global.com) is another brutal CFDs, Crypto Currency and Forex scam broker to hit the lucrative trading world. FargoGlobal is simply trying to get a hold of anyone who falls for their trap. After receiving numerous email complaints from users who lost funds, we had to investigate. What this scam broker is purporting to offer is nothing but a pyramid scheme. Reading this FARGO GLOBAL review will produce answers.
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In order to understand the depth in which this broker will go, some members have lost over $70,000. How can a broker stand and see their own members losing such huge amounts of deposit? It only means one thing; they are also in on it. These brokers have gone rogue and are collaborating with other scam brokers to steal funds. What Fargo Global is doing from the start is asking users to deposit money. Fargo Global is filling their pockets with funds from investors.
After visiting their homepage, it’s clear why newbie investors are falling for this scam. With a well-designed website, it would seem to be a legitimate CFDs and Crypto broker. After doing some investigating, we have concrete proof Fargo Global is out to steal funds from investors. Opening an account with this broker is not recommended. Get to know the tricks used by this broker to scam unsuspecting investors. Make sure you don’t become their next online victim.
Looking at the disclaimer at the footer of their homepage, they profess to be owned by a company. Fargo Global Limited is the company which owns this platform. It should be noted professional scammers can be posting random information to throw investors off. And this is exactly what Fargo Global is publishing on their homepage. These are not true facts as the company is not registered anywhere on the face of the planet. Registrar of companies has proved this to be the case.
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How about information relating to the actual people running this website? Can we get the names of the founding members of this platform? Why have their hidden this information? There’s nowhere on their homepage can we get information associating actual brokers. What this means is investors are depositing funds to an unknown third party. Anonymity is a dangerous partner especially in any online investment platform. Stay away from any broker without proper or valid identity.
After checking with some of the leading regulatory bodies, no information popped out regarding this broker. Claims they have been registered by ASIC are nothing but fake details. As we earlier pointed out, scammers will do or say anything to make their services appear legit. What we found out is beyond shocking! It appears ASIC had deregistered their mother company in the year 2012. Deregistration occurred due to unethical practices and breaching of set industry rules.
Since they have already posted their licensing details, where are the documents to prove it? A registration number comes with copies of licensing certificates. Why this broker has failed to reveal copies of their certificates still remains a mystery. A true broker usually posts copies of their certificates and documents which reveal transparency. By having such details on your website, it means the broker has been properly regulated. Investors can confirm the details with the regulatory body at their own time.
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Funding their accounts is easy and fast, probably what these scammers want to work. With a fast depository channel, it means investors are depositing funds without any problems. These scam artists don’t want any excuses as to why investors can’t made deposits. Depository channels open include American Express, Comodo, Discover, MasterCard, PayPal, Visa, and others. Due to available depository channels, trapping investors becomes easy since making deposits is easily accessible.
Withdrawing funds with this broker is what has become a huge pain in the neck. No investor has been able to withdraw funds. Why is this the case with FargoGlobal? Fargo Global is simply taking your deposits straight to their own bank accounts. Any calls from members to withdraw funds go unanswered. Isn’t this another well played pyramid scheme by FargoGlobal?
Fargo Global is offering investors three types of account types to choose from. These account types are named Micro, Advanced, and Business. What we found appalling is the required minimum deposit. Micro account holders must deposit a minimum of $5,000 to start trading. Two accounts which follow must have $10,000 and $50,000 for trading to commence. What this broker is asking for is way too high considering the set industry minimum deposit of $250.
Another unsettling issue we found with their accounts is how similar they are to each other. Features are almost identical and there’s no tangible difference. Why would an investor deposit $50,000 and get same features as one who deposits $5,000? What this broker is trying to do is trap different types of investors. Be on the lookout for brokers who ask for overpriced minimum deposits. In most cases, these brokers simply want to get their hands on your money before going under.
With two trading platforms, one would expect exceptional trading conditions. Testing these two platforms gave us some disturbing details regarding their platforms. Lack of proper security makes trading with FargoGlobal a scare. Having a platform without proper security encryption leaves users vulnerable to third party attacks. Hackers will easily gain access to these platforms and steal your personal data. Stay away from any platform which is unstable and slow.
How can funds be secure from a broker who was blacklisted by ASIC? Security of funds is not guaranteed by a broker who is anonymous. Checking their banking policy, we noticed no information regarding depositing funds. Where do they bank money deposited by investors? As it turns out, investors are funding the personal account of this broker. What about segregation of accounts?
Segregation of accounts is not followed which means funds are merged in one account. All assets are stored in one account which is extremely dangerous. Anyone who signs up with this broker should expect to lose all their assets. Fargo Global is not insuring funds being deposited as it is required by law. Any compensation expectations should be thrown out of the window. Fargo Global is putting your funds at risk meaning there are totally unprofessional.
Without a shadow of doubt, FargoGlobal is a scam which must exposed. Make sure to stay clear from this broker and any of their affiliate programs. Signing up with Fargo Global is throwing your money away.
Stay safe by ignoring all pleas to sign up with this broker. Adding this broker to our scam blacklist will protect our readers. Ensure you sign up with Forex brokers who have built a solid reputation. Make sure to go with Forex brokers who are genuine and trusted by the trading community.
Wishing you all the best!
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