Flaregain.com Review: They’re an Outright Fraud
Flaregain.com is among the newest but shady Forex trading websites that were launched in November 2023. The broker claims that they’ll support your goals with the help of their “pro support” so that you can triumph in your trading journey. Among the things that Flaregain.com is promising include financial success and independence, professional trading assistance, flexible payment methods and a secure trading environment.
It appears that these marketing declarations are meant to deceive traders and investors because our assessement of this broker’s platform revealed that Flaregain cannot be trusted.
Therefore, in this review, we will walk you through the platform to make you understand why we have concluded that this broker is shady and a fraud. If you have feedback or a different opinion, utilize the comment section of this article down below.
General information about flaregain.com broker
| Website domain | https://flaregain.com/ |
| Email address | support@flaregain.com |
| Physical locations | EUSTON ROAD, NW1 3DP LONDON, UNITED KINGDOM MARINA BAY FINANCIAL CENTRE STRAITS VIEW, SINGAPORE 018984, SINGAPORE WIENERBERGSTRASSE, 1100 VIENNA, AUSTRIA |
| Telephone no | UK: 442080970636 Singapore: 6531596896 Austria: 4369010270563 |
| Broker License | None |
| Assets | Forex, Stocks, Commodities, Indices, ETFsand CFDs |
| Min deposit | 250USD |
| Leverage | 1:200 |
| Trading platform | TradingView |
FlareGain website and client portal review
The website of this broker suggests that they’re very professional even though the reality is that they are not a trustworthy trading platform.
In general, we didn’t have any problem with their choice of website design and how they presented information. However, one thing to note is that the broker is a sweet-talker. The marketing declarations on the FlareGain website can easily convince new traders who are not financially sophisticated to sign up. It does not mean that this broker is going to fulfill the promises that they make on their website. In fact, we observed that FlareGain is not honoring any of their numerous promises.
While signing up, we were required to input name, email, country, phone number, email and password. This was easy for us to do as it was a 1 minute affair. However, we also noticed that FlareGain is accepting US traders.
US Traders are not allowed to trade CFDs, meaning that they cannot legally use this broker. It therefore means that this broker is not complying with US regulatory guidelines for Forex and CFds brokers.
On the other hand, the client portal is also the trading platform on this broker’s website.
It’s important to note that FlareGain broker is offering TradingView platform as opposed to the popular MetaTrader platforms such as MT4 and MT5.
The TradingView platform does the job but unfortunately, we couldn’t attach an expert advisor or an automated trading software into the charting application. Instead, the platform offered us a social trading functionality to compensate for the lack of compatibility with expert advisors.
As you can see in the above image, FlareGain’s trading platform comes with technical and fundamental analysis tools. If you are a technical analysis trader, the charting application allows you to draw your trend lines as well as attach your tools accordingly.
We were able to access dozens of tradeable assets on this platform as well as see what the general mood about the market looks like.
Despite all of these helpful features being present, we were asking oursleves whether Flaregain is a serious broker who can be trusted with deposits. Do they allow withdrawals after a deposit has been made? Is there a point of providing a trading platform that looks like this when traders cannot cash out their profit? This is a question that went through our mind as we tested out the platform.
On the client portal side of things, the broker offered us a means to verify KYC documentation, make deposits and withdrawals as well as view the trading history of our account. You can also create multiple trading accounts from this single client portal.
A review of the social trading feature on the FlareGain platform
The social trading profiles looked a bit unrealistic. The list of names and the performance figures were not making sense either. This suggests that the profiles could have been fabricated by this broker. There’s a way they can fool investors by creating fake trader profiles in the background and letting traders copy with the expectation of replicating performance results.
The result is that traders who utilize this social trading feature will lose their money because those profiles are not real and therefore the results are also not real.
Take a look at one of the social trading profiles in the image below.
According to FlareGain broker, this person has made gains of 55.39% and deposited funds into this account 249 times yet his profit is still zero. How is that possible?
Also, why is it that all the names of the supposed traders are just initials?
Something is fishy here and we know it very well that this broker has faked these social trading profiles. This is shameful and unacceptable.
Account types offered by this broker
Various account types are offered by FlareGain broker. The difference is in the deposit requirement and the number of features that traders can access.
The basic account type requires 250USD and features are quite limited. If you upgrade to higher account types, the broker will give bonuses, “trade insurance”, trading education and strategies, signals and premium support.
The question is how exactly is this broker going to implement all of the features when they are already faking social trading profiles?
Do you even believe that their signals will make money for you?
Also, we don’t think this broker is qualified to offer financial advisory services. Even though they have listed this service in some of their account types, we believe this is the quickest way to get scammed by this broker.
Furthermore, there’s nothing like “trade insurance”. Brokers don’t compensate for your losses. You compensate for your losses using your own money. Anyone who says they’ll offer you some sort of trading insurance are a scam.
Is FlareGain a scam broker?
In our assessement, we noticed that this broker is deceptive and their website is also full of red flags. This would suggest that FlareGain is a scam. The reason is that this broker is also deceiving us with a fake license which they acquired from a dubious registration with Crypto Service Authority.
Crypto Service Authority is not a recognized financial regulator of any country. Furthermore, this broker claims that they have offices in UK, Singapore and Austria. What is so difficult in getting a license from credible financial regulators in any of those countries?
If FlareGain was legitimate, they would have acquired a license mostly from the UK or Singapore.
Pros and Cons
Pros
- We never saw anything good with this broker.
Cons
- FlareGain website was recently registered.
- The broker is deceiving traders using a fake license.
- FlareGain makes many promises which they are unable to fulfill.
- No evidence that this broker has ever processed a withdrawal request.
- Fake social trading platform
Summary of FlareGain broker review
FlareGain is unable to demonstrate that they’re credible and trustworthy. During our assessement, we noticed many red flags and as we bring this review to an end, we have many questions that this broker is still unable to answer.
Is this the broker that will support your goals using their “pro support” so that you can triumph? We doubt it. We feel that FlareGain is actually going to provide a frustrating experience. Furthermore, losing your money through this broker is a guarantee.
Thank you for reading. Feel free to contribute your views and opinion in the comment section.