FreshForex is a regular scam Forex broker that has been on the market for more than ten years.
FreshForex claims to be a leading global online financial trading platform and multi-asset broker founded in 2008 and headquartered in Russia.
Over 13 years, FreshForex has grown to offer retail investors Forex trading, CFD trading, Social trading, and Share Dealing trading.
However, during this period, FreshForex failed to obtain any official license that would guarantee its safety.
Additionally, FreshForex’s official website looks super old-fashioned with very poor design. Looking at FreshForex’s front page, It just won’t feel right to start any financial activities with the broker.
Anyway, while working on the FreshForex review, we came across several alarming aspects that might make trading with them risky. Let’s together dive deep into the details.
Safety and Regulation
Our first concern always is safety and regulation with the broker. Unfortunately, FreshForex is not a secure Forex broker. The broker does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety, and simply may operate the business in any way it wishes.
It seems that FreshForex didn’t bother to add its safety measures on the website. Do they use segregated bank accounts for clients’ funds? Do they use the encrypted system to protect clients’ personal and financial information? Sadly, we don’t know.
FreshForex’s Trading Conditions
FreshForex supports trading at MT4 and MT5 trading platforms. These are market-leading trading platforms and ideal solutions for all levels or traders. However, most brokers today offer MetaTrader 4/5 platforms. Thus, that’s not a big advantage for FreshForex.
Speaking of trading assets, FreshForex claims to have solid verity and offers over 116 tradable Assets. Assets available on FreshForex include Forex trading, CFD trading, Social trading, Share Dealing.
Another alarming feature that the broker actually shows off is its high leverage.
The maximum leverage accessible with the standard account is high at 1:2000. The other two accounts (Market Pro and ECN accounts) have leverage up to 1:1000, but even this is higher than average. These leverage rates should be approached with caution as they can seriously increase losses as well as returns.
Trading with high leverage is extremely risky while trading with unsafe and unregulated brokers, as your trade is never 100% safe, and signing up on high leverage might wipe out all the balance on your wallet.
Bonuses & Promotions
The next ridiculously scam-activity is bonuses and promotions. Scammer brokers tend to offer traders attractive, not really realistic bonuses and promotions. For example, FreshForex offers several promotions, including a $2020 no deposit welcome bonus and a Trade Non-Stop deal which awards users for making a trade every day for five consecutive days.
Other welcome bonuses include a 200% deposit bonus, a 101% drawdown bonus, plus a 30% top-up and stop-out insurance. However, in most cases, you have to deposit or have a balance of $500 to qualify. FreshForex also releases referral codes for promos occasionally.
However, please note that such offers are only dedicated to attracting beginner traders and tricking them into signing up.
Payment and Withdrawal
FreshForex is quite generous with payment options. The broker supports Visa, WebMoney, Neteller, Mastercard, Skrill, cryptocurrency, and mobile payments. The same methods are used for withdrawal.
However, you will meet lots of complaints regarding withdrawals all around the internet. Clients complained about losing access to their accounts once they attempted to withdraw money; they also could not reach the customer support team for help.
To conclude, it’s obvious FreshForex tries to mess up the withdrawal process for the clients to steal their funds.
Final thoughts about FreshForex
To conclude, FreshForex is another unsafe scammer broker that you should try to avoid. None of their trading conditions or costs are worth working with them. Before choosing a broker, traders should always research well, read all the previous client experiences and suggestions, find proper, honest reviews, and then start signing up for the broker.