FX Harvest – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FX Harvest - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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
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://forexharvest.com
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Bank Wire, Credit Card, PayPal
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: 50+
Types of Assets: Forex Exchange, CFDs
Trading Accounts and Conditions
FX Harvest does not specify what account types they offer. Instead, they have a Trader’s Privileges page, where they have simply stated some of the trading conditions they offer.
The brokers to offer more than 50 tradeable assets, the minimum first deposit is $10,000. The minimum deal size (lots) is $20, the deposit fees is 1% (with a 1% credit rebate), and the transaction range for FX Derivatives is from 20 to 1,000.
FX Harvest – Advantages
There are two good things that FX Harvest has done:
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MetaTrader 5 Platform Offered
The first big plus about this broker is that they offer their clients the use of the MetaTrader 5 trading software. The MT5 software is currently the best software in the market for forex and derivatives trading. This platform comes loaded with a huge number of features – charts, analytics tools, automatic trading bots and so much more.
Since the trading platform is the key product that a broker offers, it is good to know that FX Harvest is offering their clients the best available in the market.
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Demo Platform Available
Added to the availability of the MetaTrader 5 platform, we also have a demo platform available for visitors to test FX Harvest’s trading conditions. This is another big plus, since traders get to verify the trading conditions for themselves before they commit to an account and investing money with a new broker.
FX Harvest – Disadvantages
Despite the presence of the MT5 platform and its demo account, there are too many things wrong with FX Harvest. This broker is a scammer, and here are the reasons why:
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Lack of Regulation
The first – and biggest – indication of this broker’s scam is the fact that they have no license to operate.
Legitimate brokers operate legally, and by law, they are required to present their corporate as well as regulation details clearly on their websites. Scammers, on the other hand, beat a out the bush, or simply do not provide any information about their corporate and legal identity.
FX Harvest tries to confuse us with contradictory information. On the footer of their website, the broker provides us with a Singapore address. However, in their Contact Us section, the broker gives us a St. Vincent and the Grenadines (SVG) address. The name of the company in SVG is Forex Harvest LLC. But the telephone number provided is a Singaporean one.
Being registered in SVG means little, since the SVG FSA (Financial Services Authority) has prominently announced that they do not regulate forex brokers. This means that even if a broker is registered in that country, they are not operating their online forex brokerage legally.
Furthermore, to operate from Singapore, a broker needs to be registered with and regulated by the Monetary Authority of Singapore. We checked the online register – there is no brokerage or company by this name listed with that authority.
All of this tells us that FX Harvest is operating illegally, their address is fake and that they are scammers.
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.
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.
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No Legal Documents
Another huge indication of this broker’s dishonesty is their lack of any legal documents.
Legitimate brokers are legally required to prominently display detailed legal documents on their websites. These documents are necessary as they are the legal agreement between you and them. These documents detail everything you can expect from the broker – their services, their terms of services, their policies and so on. If you sign up with a broker that has no legal documents in place, then you leave yourself open to being scammed. And in this case, you will not be able to seek help either since you had willingly signed up with that scammer.
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Unable to Register for An Account
Another issues that raises suspicions is the fact that FX Harvest does not allow free registrations. Added to this, the broker also does not give you credentials for being able to log into a trading server. This means that you cannot open an account with this broker the way you can with other legitimate brokers.
This is yet another tactic used by many scammers; they will allow only a select few to register, usually by sending them an invitation to do so. This allows those scammers to cherry pick their victims.
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Issues with Trading Conditions
We also can tell that this broker is a scammer just by going through their trading conditions. Since we could not access their real trading platform, we can only go by the information presented to us on their website and demo account.
This broker has limited assets to offer – only forex, stocks, and a few indices. Added to that, the minimum deposit requirement is a whopping $10,000. However, in another section, the broker claims that it is only $100. This lack of consistency is another indication of their scam. Spreads are remarkably high at 2.1 pips for the EURUSD pair, and we do not even know what the leverage ratios are with this broker.
All of this tells us that we are not dealing with a legitimate broker.
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Issues with Payments
FX Harvest claims to offer only three types of payment options – credit cards, bank wire and PayPal. However, since we were unable to open an account with this broker and check the payment area for ourselves, there is no way that we can actually verify this information.
This broker also charges a 1% deposit fee, which is not only steep but also unfair. Most brokers today do not charge their clients anything to deposit money in their accounts.
Conclusion
FX Harvest is a scammer and cannot be trusted.
FX Harvest
Pros
- MetaTrader 5 Platform Offered
- Demo Platform Available
Cons
- Lack of Regulation
- No Legal Documents
- Unable to Register for an Account
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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