Fair Forex FX Review: Is fairforexfx.com a Scam? - Topedgefx.com

Fair Forex FX Review: Is fairforexfx.com a Scam?

Welcome to the Fair Forex FX review. Fairforexfx.com is a brand new website and Forex broker started in January 2020. For that reason, Fair Forex FX neither has reviews nor real feedback from real clients.

In fact, at the time of writing this Fair Forex FX review, the broker had not completed setting up their website. Some links were leading to blank pages and the website was just not ready for any service yet.

Besides this, Fair Forex FX claims that they offer 47 currency pairs, 39 commodities, 16 indices and 14 Cryptocurrencies for trading.

They also claim that Fair Forex FX was started by traders who understand the needs of retail traders. They promise transparency, trust and to create a feeling that the broker is supporting the client.

In as much as this broker is new to this industry, we’re shocked to see some “reviews” about their service on the FPA forum. We doubt the authenticity of these reviews because the FPA forum is known to host multiple fake reviews coming from a product owner by simply switching IPs to evade detection.

While the forum has tried to maintain a clean, spam-free policy where only real reviews and complaints can be published, sometimes crooks like “John Davis” of FairForexFX can slip under the radar by leveraging on technology, thereby posting multiple fake reviews that are just too good to be true.

That said, we’ll go ahead and analyze the broker’s trading conditions, regulatory status and overall trust rating.

But if you would like to start with a good automated Forex trading product, this page will help you identify one very quickly. 

Fair Forex FX Review

There are 3 account types with various trading conditions. If their promised trading instruments are anything to go by, then we can only give them credit based on the variety they provide.

Fair Forex fx broker review

In addition to this, we’ve seen that FairForexFX broker is offering the famous MT5 trading platform.

In as much as this sounds like an advantage, the truth is that all brokers are expected to provide MT4, MT5 and cTrader platforms in 2020. It is therefore a necessity for any broker to succeed in his bottom line.

FairForexFX broker is also advertising that their platform is 100% true ECN. To know whether or not this is true, we’ll have to look at their regulatory status as well as reputation in general.

Account types are as follows:

[tabs][tab title=”Raw Spread Account”]Minimum deposit: $100

  • True ECN
  • Spreads From 0.0 Pips
  • $6 Commission Per Lot
  • Min Lot Size 0.01
  • Leverage up to 1:400
  • Max Lot Size 500
  • Metatrader 5
  • 47 Forex Pairs
  • 16 Indices
  • 39 Commodities
  • 83 stocks

[/tab] [tab title=”Standard Account”]Minimum Deposit: $100

  • True ECN
  • Spreads From 0.8 Pips
  • ZERO Commission
  • Min Lot Size 0.01
  • Leverage upto 1:400
  • Max Lot Size 500
  • Metatrader 5
  • 47 Forex Pairs
  • 16 Indices
  • 39 Commodities
  • 83 Stocks

[/tab] [tab title=”Pro Account”]Minimum Deposit: $10,000

  • True ECN
  • Spreads From 0.0 Pips
  • $5 Commission Per Lot
  • Min Lot Size 0.1
  • Leverage up to 1:400
  • Max Lot Size 1000
  • Metatrader 5
  • 47 Forex Pairs
  • 16 Indices
  • 39 Commodities
  • 83 Stocks

[/tab][/tabs]

Fair Forex FX leverage is quite generous but remember that excess leverage will ruin your trading at some point.

When you find a good Forex broker, you should use it with caution and only increase to a certain level when you really know what you’re doing.

Fair Forex FX is not regulated

Now this is one major setback that will push everyone away from this broker.

There is no way a Forex broker like FairForexFX, Lexa Trade, Cent Desk and many others can try to build a reputation with positive reviews when they’re not regulated.

In fact, this is one of the reasons we believe the 4 and 5 star Fair Forex FX reviews we see on FPA forum are the mere work of fabrication.

The broker is in fact listing their physical address as Fair Forex Limited c/o Suite 305, Griffith Corporate Centre, Beachmont, Box 1510, Kingstown, St Vincent and the Grenadines.
In other words, FairForexFX is an off-shore broker running their business from a jurisdiction not known to have any regulatory framework for Forex brokers.

Then last time we checked, we discovered that the financial watchdog in St Vincent and the Grenadines was only overseeing banking and insurance activities but not brokerage businesses.

So this leaves us with no other option but to state that trading with a broker like Fair Forex FX is dangerous.

It should never be done and traders must never think that this broker is an exception.

Thieving brokers usually evade regulators because this is the first thing that they want to do to protect themselves from a jail term.

Regulators in the US, UK and Australia are even more serious about their regulating business. They just don’t provide a license to any Tom, Dick and Harry.

If a Forex broker doesn’t fulfill certain requirements to protect their clients financially, the broker will simply not get a license.

Now, in places like St Vincent and the Grenadines, there is no regulatory framework at all. This makes it a safe haven for scammers and thieves to thrive with this brokerage business.

And of course no Forex broker can promise true ECN trading conditions if they failed to adhere to the most basic thing a professional broker should do. This further complicates then matter because there’s no way Fair Forex FX will convince traders otherwise as long as they’re not getting things right.

Deposits and withdrawals

Fair Forex FX supports multiple ways to deposit and withdraw money from their platform.

They support the following: Bank wire, Visa, MasterCard, Zelle, Bitcoin and PayPal.

We presume that traders can still use the same methods to get their money out of this platform.

A $10 withdrawal fee applies to traders to are requesting to cash out via bank wire on the same day.

Fair Forex FX does not disclose whether this $10 is a flat fee or applicable to traders withdrawing large sums as well.

And of course Fair Forex FX claims that money of their clients are protected. It is not possible to fool traders using this statements like this because honesty, this is a requirement of serious financial regulators like the FCA or even the ASIC of Australia.

Unregulated brokers such as Fair Forex FX are not obliged to adhere to these rules and that is why scamming of customers is a common practice with unregulated brokers.

Conclusion

Before we forget, we should mention that Fair Forex FX is also claiming in their promotion material that they have reviews on TrustPilot.

TrustPilot is like the Mecca of trading products fraud. Almost 90% of the reviews submitted by people here are from product owners, freelancers and internet marketers who promote products on behalf of their owners.

For that reason, it is dumb to believe these reviews or even to go ahead and deposit money with a broker because you saw positive reviews of that broker on Trust Pilot.

While the offering of this Forex broker seems attractive, we still don’t believe it is safe trading with the broker.

For that reason, we will not recommend Fair Forex FX broker. Thanks for reading our review. Let’s have traders contributing their opinion in the comment section.

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