ForexG invites investors to trade Forex, Shares, Indices, Commodities and Cryptocurrencies on their platform.
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The company is currently providing education, support and also innovation through their “AI trading technology“.
Our gut feelings tell us that this broker is a scam, and thus we can’t include them in our list of the most reliable Forex brokers.
Our intent is to recommend the best trading and investing services while combining this with the most reliable brokers.
Our ForexG review wants to let you know whether this broker is reliable or not because currently, they claim to have 1 million customers.
The domain ForexG.com was registered in 2004. But this does not necessarily mean that the current owners have been running the business since 2004.
In fact, when we consulted Waybackmachine, we found out that the domain was up for sale in 2010.
This means the current owner of ForexG is not the one who owned the website in 2004.
In other words, their alleged experience in trading and investing is false and suspect.
Even if you subscribe for their “G signals”, there is no guarantee that you’ll make any money.
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Because this review of ForexG has started on a negative note, we ask you to skim through the post to understand why we concluded this broker is not the best for you.
The company’s marketing materials claim that ForexG is a broker and charges zero commission while spreads start at 0.2 pips.
The broker wants investors to know that the minimum lot size for trading is 0.01.
On top of this, they can also give us a maximum leverage of up to 1:500.
ForexG also ensures that traders know about their liquidity providers.
The current sources listed on their website include J.P Morgan, Standard Chartered, Barclays, Bank of America, UBS, Citi and many others.
Of course we can’t believe everything that this broker tells us since they’ve failed to provide a proper introduction of who they are.
The only information they’ve provided is that ForexG is based in Port Louis, Mauritius.
This is definitely an offshore location and a tax haven for shady Forex brokers.
ForexG account types
There website does not have any links to the account types they provide.
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If they claim to be a “global trading provider”, they should definitely provide all pages that suggest they are a Forex and Crypto broker.
However, these pages are missing. Now, what can we conclude from this observation?
We can conclude that they are not transparent. The only thing they want us to know is that they provide MT5 for trading including algorithmic trading.
The other parts of the ForexG website are only providing general information about Forex trading.
So the question is, where are the account types and features to enable us sign up?
Is ForexG regulated?
All Forex brokers that run their services in Mauritius are regulated by the country’s Financial Services Commission (FSC).
There is no reference number on the ForexG website to help us ascertain whether or not they are regulated.
All professional Forex brokers are regulated by at least some governing agency and the role of regulation is to ensure that the safety of traders’ funds is guaranteed.
However, as you can see, ForexG broker does not run its operations under an oversight authority.
This is only consistent with a scam broker’s way of operation.
We don’t feel comfortable investing or even recommending this broker to our audience of traders.
Due to their history of business operations, we can’t be confident that they will not steal your money.
Having said this, we only want to make it clear that an unregulated broker is a dangerous broker by all standards.
Thanks for reading this review. We will appreciate your feedback in the comment section.
If you ever dealt with this broker, let the public know what your experience was like.