Forex48 review 2023 – Another Scam Broker On The Market

Who is Forex48 broker? Is it regulated? Many questions, and only one answer. Read our in-depth review about Forex48 broker and find out everything, from regulation to fees and license.

Regulation and Security

When it comes to Forex48 broker, there are many confusing facts. For example, when you visit the website of the broker forex48.com, you actually get a MagKing broker. MagKing is another broker that belongs to the same owner, MagKing Forex Limited Group. On the website of Forex48, it’s stated that its Australian-based broker is regulated by ASIC, FCA, and VFSC. However, nowhere in the ASIC register, we were not able to find Forex48 or MagKing. On the other page of the website, it’s listed that the company is supervised by the US FinCEN – MSB, Canadian FINTRAC MSB, and FSASVG. The FinCEN website states that even if you find a company in their register, it is not a recommendation, and that does not mean that any company has a certificate or it is legit. So, seems that this means absolutely nothing for the Forex48 broker. Red flag for the start!

When it comes to the security of the funds, we have nothing to say. The company provides 0 information about it.

Warnings From Financial Regulators

As you’ve concluded so far, Forex48 is a scam. And regulatory bodies concluded the same thing.

Italian CONSOB, Spanish CNMV, the UK FCA, and Belgium FSMA all issued the same warning – Forex48 or MagKing is a scam. Do not trade with this unregulated broker, and report the scam immediately.

This makes it very clear – the company is not regulated by FCA and has no approval to work in the UK, despite the website statements.

In which countries does this broker work?

Since the broker is operating with no license, it has no restrictions in its scam. The Forex48 broker is operating in all the countries, from the USA and Canada, through the UK, Belgium, Spain, Italy, to Australia. 

 Wherever you are coming from, we are warning you to be aware of this scam broker.

How Online Trading Scams Work?

Online trading scams are inevitable when you are involved with unregulated brokers. If the broker is like Forex48 and just claims to have the regulation, there is a big problem. Your money is not safe, and there is nobody that can control the broker’s actions. The scam usually starts when you make your first deposit. After that, the company is harassing you with many calls, asking for more and more money. And they will always have an explanation why they need this money. It’s for you and your own benefit. However, no matter how much money you invest, the problem comes when you need to withdraw it. Then, again, you are getting many excuses about why you shouldn’t withdraw the profit now. Not long after, you start understanding that you have been scammed. The question is what next?

What to do if scammed by Forex48?

If you got scammed by a Forex48 broker, do not get desperate. There is a way to get your money back. All you need to do is to request a chargeback.

But what is a chargeback? The chargeback is the way to get the money back to your card in case you were a victim of an online scam. No matter if you bought something, paid for the service, or invested with the scam broker, you have every right to get your funds back. Do not let the scam broker go away for free! Contact us for help now!