Fargo Consulting Review – Scam Alert, Avoid This Shady Broker

Nowadays, there are plenty of brokers claiming to have all the necessary licenses and that you can trust them with your funds. However, this is rarely true.

If you are considering to start trading, make sure to read this Fargo Consulting review first. It will help you understand how to recognize actually legitimate brokers and how to avoid the ones lying about everything.

Is Fargo Consulting Legit or a Scam Broker?

While trying to imitate Wells Fargo, a well-known financial services provider, the Fargo Consulting broker is nothing but a fraud. The company claims to have been licensed by CySEC, FSA, FSCA, and FSC. 

However, they also claim that the company has been registered in the UK, and English courts are responsible for any disputes. That would also imply that they have been regulated by the domestic authority, FCA. Once we searched the register for Fargo Consulting Ltd, we found a warning. According to it, the brokerage is providing or promoting financial services or products without the FCA’s permission.

On top of that, other alleged licenses are nowhere to be found. Therefore, we’ve confirmed that Fargo Consulting is an unregulated scam.

Who Are the Victims of the Fargo Consulting Scam?

Based on our website analysis and Fargo Consulting reviews from their users, the company is mainly targeting:

• United States,
• Canada,
• Germany,
• South Africa.

We’ve found a Trustpilot page dedicated to this broker with a score of 4.1 stars, rated great. However, if you check the most recent reviews, you will see Fargo Consulting complaints piling up. While all allegedly positive comments come from the UK, some even from users with identical names, the negative ones are from all over the globe and are describing experiences in detail.

Trading Platforms and Features

Fargo Consulting’s website describes its technology as “institutional grade, featuring advanced trading tools, customizable news and information, and comprehensive trade analysis.” However, the truth is a bit different.

Instead of offering sophisticated trading software, such as MetaTrader or cTrader, that actually allows access to all the mentioned tools, the company opted for WebTrader. It’s the most basic tool, and it has charts imported from TradingView. Of course, it doesn’t support many advanced features, let alone copy trading, that this broker proudly advertises.

In addition, there is no Fargo Consulting app. Therefore, both Android and iOS users will have to use their browsers for trading, which is far from advanced.

Trading Assets

Once you obtain Fargo Consulting login credentials, you can access the platform. There, you can find 5 main categories of trading instruments:

• Forex – EUR/USD, GBP/AUD, NOK/SEK
• Commodities – gold, silver, corn
• Indices – NASDAQ, FTSE100, CAC40
• Cryptocurrencies – BTC, ETH, XRP
• Shares – Amazon, Meta, IBM

Note that the FCA banned CFD crypto trading due to numerous scams. This is yet another proof that the firm is not authorized to trade in the UK or anywhere else.

Leverage, Spreads, and Fees

Leverage varies depending on the account type and ranges from 1:20 to 1:200. This is not unreasonable, assuming that the more you invest, the more professional you are. However, note that all European regulators have set a limit of 1:30 for retail traders due to high risks.

Spreads are floating, starting from 1.0 to 1.9 pips, depending on the account. However, this is just the lowest mark. We don’t want to know the highest spread since the example they gave their users mentions 20 pips.

Terms and Conditions mention plenty of fees, including conversion fees, rollover fees, deposit and withdrawal fees, and penalties for breaching contract terms.

Fargo Consulting Account Types

You can choose between 4 accounts:

• Cent – $250
• Zero – $500
• Pro – $5,000
• Premium – $10,000

Besides the minimum deposit, each higher account has higher leverage, lower spreads, and more trading instruments at your disposal. Additionally, only the last two allow trading with EAs.

Fargo Consulting Demo Account

This brokerage doesn’t allow its clients to trade on a demo account. Instead, you need to activate a live one right away and risk at least $250 with an unregulated brokerage. We advise against it.

Educational Materials

Allegedly, the company has a trading academy where users can learn about assets, bid and ask prices, spreads, day trading, and more. However, since the firm is not licensed, neither are their financial advisers. Do you want to learn how to trade from a boiler room agent? We don’t think so.

Fargo Consulting Withdrawal Procedure

To initiate a withdrawal, clients need to submit a request through their account dashboard. Once the request is approved, the company claims it will be processed using the same payment method you used for the deposit within one business day.

The minimum withdrawal amount is $20 for all methods except the wire transfer, which is $100. If you request a withdrawal of a lower sum, you will pay a $10 fee for all methods except the wire, which is $50.

Some of the available payment methods include:

• Wire transfer,
• Mastercard,
• UnionPay,
• Neteller,
• MoneyBookers.

However, after all the complaints we’ve seen, we highly doubt you will get your money back without a fight.

Key Information to Consider About Fargo Consulting

Fargo Consulting is an unregulated trading brokerage, with a warning from UK authorities. With this in mind, you should not invest with them. 

However, if you have already done so and you have issues withdrawing your funds, let us know. Our chargeback experts can look into your case and help you report it. Contact us today to book a free consultation.

FAQ Section

What is Fargo Consulting?

Fargo Consulting is an unregulated online trading brokerage with a warning from the FCA.

Is Fargo Consulting Legit?

Fargo Consulting is not legit, despite many alleged regulations. The UK FCA deemed it a trading fraud.

How to Withdraw Money From My Fargo Consulting Account?

You can try to submit a withdrawal request via the client dashboard. If you don’t get your money within one business day, contact our experts for assistance with recovery.