FORE XF is a Contract for Difference (CFD) broker registered on August 2, 2024, offering trading services for financial derivatives such as forex, precious metals, crude oil, indices, and cryptocurrencies primarily to retail and institutional clients. It does not provide services to regions where doing so might violate local laws and regulations.
Company Registration and Regulatory Status
According to FORE XF’s official website (forexfmarts.com), the company claims to be registered in the United Kingdom under the entity FORE XF GLOBAL LIMITED, headquartered in London, and states that it is regulated by the U.S. MSB, undergoing rigorous audits and supervision. However, the website does not provide complete corporate registration numbers or regulatory license numbers. Additionally, no detailed terms of service or other legal documents are available on the site.
Upon verification, records from the U.S. Financial Crimes Enforcement Network (FinCEN) and the UK Companies House both indicate the registration of "FORE XF GLOBAL LIMITED". However, there is no regulatory information found on the websites of the U.S. National Futures Association (NFA) and the UK Financial Conduct Authority (FCA). It should be noted that FinCEN’s role is to protect the financial system from illicit use and combat money laundering and related crimes, but it does not directly regulate financial derivative trading.
Furthermore, the design and content of the FORE XF website closely resemble those of several known fraudulent broker sites, such as dffxmarkets.com, Eccxn, FIL Trade Limited, among others. These sites utilize the same template design, raising doubts about their legitimacy.
Trading Products and Services
FORE XF offers a variety of financial derivatives trading services:
- Forex Trading: The platform supports the trading of multiple major forex pairs, such as EUR/USD, USD/CAD, GBP/USD, USD/JPY, etc.
- Precious Metals Trading: Tradable precious metal spot contracts include Gold (XAUUSD) and Silver (XAGUSD).
- Crude Oil Trading: Offers trading services for U.S. Crude Oil (UsOIL).
- Indices Trading: Supported indices include the Nikkei 225 (N225), Germany 30 (GER30), and S&P 500 (US500).
- Cryptocurrency Trading: The platform also offers trading for various cryptocurrency pairs like Bitcoin (BTC/USD), Ethereum (ETH/USD), Ripple (XRP/USD), etc.
Account Opening Process
The steps to open a trading account with FORE XF are as follows:
- Visit the official website and click on the "Register" button at the top right corner to enter the registration page.
- Enter your personal email address and set a password, then submit the registration form to complete the account registration.
- After successfully registering, users must undergo KYC verification before depositing funds and starting trading.
Trading Account Information
FORE XF’s official website does not disclose critical trading parameters like spreads, leverage, and contract sizes. The platform also lacks detailed information about the types of accounts, trading commissions, minimum/maximum trade volumes, maximum position/order limits, margin call and stop loss levels, and minimum price increments. This lack of transparency is concerning.
Trading Platform
This broker claims to offer a proprietary trading platform supporting both web and mobile clients. However, clicking on the mobile download links on the official website leads users to download Proket from the App Store and FX MAX from Google Play, apps whose legitimacy is questionable and pose risks.
Deposits and Withdrawals
FORE XF does not clearly list the supported deposit and withdrawal methods, related fees, or minimum deposit/withdrawal amounts on its official website.
Summary and Recommendations
Traderknows reminds investors that FORE XF is a suspected scam broker with no actual company entity and no regulatory oversight. The platform has very low information transparency and only provides contact through email, lacking other reliable communication channels. Therefore, investors are advised to choose brokers with transparent information, regulation by authoritative bodies, and a good reputation to avoid potential financial losses. Currently, this broker has been labeled as "Suspected Fraud" on Traderknows.
