Thinking of getting into business with Fortexo? Here is what you must know about this broker. Carefully read this review to find out if fortexo.co is the trading platform you will want to trade with.
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About Fortexo Broker
Fortexo is an offshore brokerage company with a lot of promises for traders. The broker is operated by FLAB GROUP LTD with an incorporation in Saint Vincent and the Grenadines.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments Fortexo claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning from Financial Services Authority (FSA) St. Vincent and the Grenadines. See below.
fortexo.co: Reasons to Avoid This Broker
Firstly, fortexo.co is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because local financial authority, SVGFSA does not monitors or give license to forex brokers.
Secondly, we noticed fortexo.co has no demo account for traders. Since traders can’t test Fortexo on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker (fortexo.co). It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Fortexo leaves us with the following withdrawal fee: $50 for wire transfers, $25 for Credit cards with $10 processing fee, $25 for online payments.
Furthermore, the broker minimum withdrawal for wire transfer is $250,while other methods take $100. It takes 2 to 5 business day to process every transaction.
Also, the broker charges 10% on an inactive account of 3 months.
Minimum Deposit
The broker minimum deposit is pegged $1000.
As for the payment methods, Fortexo accepts Debit/Credit cards, Bank Transfer and other online methods. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Fortexo Platform
Fortexo claims to offer MT4 (Industry standard trading platform) which is quite good for forex trading. However, this offer doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:500. Notwithstanding, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Fortexo Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is fortexo.co a Reliable Broker?
No, fortexo.co does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
