Fogo Forex is a CFD broker with a domain registered on April 29, 2024. It primarily offers trading services in financial derivatives such as stocks, futures, crude oil, gold, cryptocurrencies, and forex to both retail and institutional clients. This broker does not provide services in jurisdictions where doing so would be against local laws or regulations.
Company Registration and Regulatory Status:
According to public information on the Fogo Forex (fogoforex.com) website, the full company name is FOGO INTERNATIONAL LIMITED, headquartered in London, UK, and is purportedly regulated by several bodies including the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), Japan's Financial Services Agency (FSA), the Central Bank of Ireland (CBI), and the US Financial Crimes Enforcement Network (FinCEN). However, no specific company registration details or regulatory license numbers are disclosed.
Upon verification, there is no record of a company named FOGO INTERNATIONAL LIMITED on the websites of the FCA, ASIC, FSA, or CBI.
While FinCEN does have a record of a registered company with the same name, FinCEN's mission is to protect the financial system from illicit use through strategic use of financial powers and the collection, analysis, and dissemination of financial intelligence to combat money laundering and related crimes, including terrorism. It does not regulate standard financial derivative trading.
Additionally, on the broker’s English website interface, besides using the name “FOGO,” it also refers to itself as “CTRL FX.”
Therefore, Fogo Forex (fogoforex.com) is essentially a fraudulent broker website with no real corporate entity or regulatory oversight.
Account Opening Process:
To open an account with Fogo Forex, visit their homepage and click the “Register” button on the main page or the top right corner. Fill in your email address and set a password. The broker will then send a verification code to your email, which should be entered on the application form before submission. Once the form is submitted, the account will be successfully registered. After logging in, identity verification is required before making a deposit and commencing trading.
Trading Account Information:
The Fogo Forex website only discloses information about spreads, trading leverage, margin call/stop-out levels, and contract sizes. Details regarding account types, trading commissions, minimum/maximum trade sizes, maximum positions/order sizes, and minimum price increments are not disclosed.
- Spread: Floating, starting from 1 pip
- Trading Leverage: 1:400—1:500
- Margin Call/Stop-Out Level: 100%/50%
- Contract Size: 1 lot = 100,000 base currency units
Trading Platform:
Fogo Forex offers a self-developed trading platform available on both desktop and mobile. The platform features over 50 technical indicators and intraday analysis tools, as well as advanced functionalities for experienced traders.
Deposits and Withdrawals:
Fogo Forex does not specify the supported deposit and withdrawal methods, fees, or minimum amounts on its website.
Conclusion:
Traderknows reminds investors that fogo forex is a suspected fraudulent broker with unclear registration and regulatory information and false advertising. The only way to contact them is through email, making their contact method very limited. The website design and content are the same as other fraudulent broker websites like sownotx, Gildencrest Capital, Tosta Global Limited, fbspro, BLK International Exchange Inc, and Bestonfx Trading Limited. Traderknows advises investors to choose brokers with transparent information, strong regulation, and good reputation to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
