Scam Brokers

Forexis Financial – Are They Trustworthy?

Chainbits Staff | Publish date: 10/06/2023 (Last updated: October 27, 2023 06:37 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Forexis Financial - DO NOT TRADE WITH THIS PROVIDER

2.4/10

$100

Minimum Deposit

updated 2023

Try other platforms

The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://ffs-innovationmarkets.online

Founded: 2023

Regulations: Unlicensed

Languages: English

Deposit Methods: Cryptocurrencies, Credit Cards, Debit Cards, Wire Transfer

Minimum Deposit: Not Mentioned

Free Demo Account: Not Provided

Number of Assets: N/A

Types of Assets: Forex, Stocks, Commodities, Indices

Trading Accounts and Conditions

Forexis Financial has not mentioned anything about the types of trading accounts they offer. We can only assume that there is a single trading account for all clients.

Furthermore, this broker has not told us anything about their trading conditions.

Forexis Financial – Advantages

There are no advantages to trading with Forexis Financial.

Forexis Financial – Disadvantages

Forexis Financial is a scammer and here is the proof of their dishonesty:

No Regulation

Forexis Financial claims to be based in the United Kingdom. This broker also claims to be regulated by multiple authorities around the globe. These claims are all lies.

Regulated brokers present all of their information on their websites. So, we know the name of the company that runs their online brokerage. We also know where that company is based and how to contact them. Legitimate brokers usually provide multiple options through which they can be contacted – phone, social media, live chat, email and so on. They also clearly tell us which regulator authority or authorities have authorized them and they also provide their license and registration numbers.

With Forexis Financial, all of this information is missing. We are given an address in the UK, but no phone number. There is a generic email and the Contact Us form on their website. We also have absolutely no information about which authority has regulated them – not even a license or registration number.

This lack of information is a huge red flag. However, just to give the broker the benefit of the doubt, we checked the online register of the Financial Conduct Authority. This is the regulator that monitors all forex brokerages in the United Kingdom. There is no broker by the name of Forexis Financial listed with the FCA. This means that this broker has lied about operating legally in the UK and that makes them a scammer.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Blacklisted by the FCA

The FCA is very diligent about not letting unregulated entities operate in their jurisdiction. So, it was no surprise to us to learn that Forexis Financial has been blacklisted by this esteemed authority.

The FCA has issued a warning against Forexis Financial letting all traders in the UK know that this broker is operating without authorization and is therefore dangerous and not to be trusted.

Such a warning is a clear indication that we are dealing with a scammer in Forexis Financial.

Issues with Registration

We always try to register for an account with the broker that we are reviewing. This is because it helps us assess their registration process, and it allows us to check their live trading platform and live trading conditions. We also get to check their payments section directly for ourselves.

With Forexis Financial, we could not even get past the registration stage. Every time we tried to submit our registration request we would get an error message. Basically, we were unable to open an account with this broker.

When the registration process itself is faulty, then you know that you are dealing with a suspicious entity. This clearly indicates a scam.

Unknown Trading Platform

We do not know what kind of trading platform Forexis Financial has, and this is another red flag that indicates a scam.

Legitimate brokers advertise their trading platforms loudly and prominently on their website since they know that this is their key offering. Not only that, they also offer their prospective clients a free demo account so that they can check out the broker’s trading platform and the associated trading conditions for themselves.

We get none of this with Forexis Financial. We are told nothing of the kind of trading platform that this broker has (or does not have). And since we could not register for an account and check out their trading platform for ourselves, we do not know what this broker really has to offer.

This lack of information is a clear indication that Forexis Financial is not a broker that can be trusted.

No Trading Conditions

Along with the trading platform, the trading conditions are key to any offer a broker has. Therefore, just like with their trading platform, legitimate brokers go out of their way to advertise all details of the trading conditions they offer.

Once again, with Forexis Financial, we are met with no information. We do not even know what their minimum deposit requirement is. We have no idea of the leverage ratios, the commissions and spreads, the minimum order amounts, the order execution methods and so on.

When a broker keeps key information away from their prospective clients, then it is best to keep away from them. They are not to be trusted due to their lack of transparency.

No Information on Withdrawal Policy

We also have absolutely no information on this broker’s payment policy. While the broker claims to offer multiple payment methods, we have no way of confirming them since we were unable to register with them.

Forexis Financial does not even specify what their withdrawal policy is. We are not told what the minimum or maximum withdrawals amounts are allowed. We do not know if there are any conditions to withdrawal; there are some brokers that require you to meet a minimum trading turnover threshold before they will allow you to withdraw your funds.

All of these details are missing with this broker and this simply underlines the fact that Forexis Financial just cannot be trusted at all.

Conclusion

Forexis Financial is just another scammer and is therefore no trustworthy. Do not invest with this broker.