Trading Scam Backed By Fake Reviews

Fogarts claims to be a renowned and globally regulated Forex trading platform with top conditions. However, the broker’s website is full of discrepancies and irregularities, which we plan to expose in our Fogarts Review.

Our analysis focuses on the firm’s legal background, website content, trading platform, leverage, spreads, and payment methods. At the end of our review, you will find a form for booking a free consultation with us and starting the chargeback process.

Legal Info: Is Fogarts Regulated?

The firm is allegedly registered in Singapore. However, the Terms and Conditions stipulate that the agreement between the client and the Fogarts broker shall be governed by the laws of Saint Lucia. We checked Saint Lucia and Singapore’s company registers but did not find a corresponding entity in them, meaning that the platform is virtually anonymous and unregulated.

In case you trade on this platform and lose money under suspicious circumstances, you cannot count on help from the ombudsman or financial compensation. Therefore, please avoid bogus websites with unreliable backgrounds such as Fogarts and LumineTrade.

Instead of trusting unlicensed imposters, you should stick to regulated providers supervised by recognized financial authorities such as the FCA (UK), ESMA (Europe), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), MAS (Singapore), etc.

Who Are Fogarts’s Targets?

According to godaddy.com/whois, the fogarts.com website domain was created on September 29, 2023. Since then, the cyber con artist has been targeting mainly unsuspecting traders who reside in the following countries:

• United States;
• Switzerland.

Both the United States and Switzerland are renowned for having tight market regulations and rules. Their respective watchdogs restlessly control the markets and enforce laws to prevent unauthorized phonies from running their schemes.

One common rule says that each financial market participant and broker must obtain a necessary permit. As mentioned, Fogarts has no license. The broker directly violates European and American regulations by offering users leverage higher than allowed for retail clients. 

Trader Reviews – Sharing Experiences

We found 26 Fogarts reviews on sitejabber.com, all positive. The broker received a score of 4.76/5 and all the feedback was in Italian. However, on a different forum, the situation is the opposite. 

Namely, there are 10 negative reviews on scamcheck24.com, with users claiming they were scammed by the platform. “I sent a withdrawal request 3 weeks ago, but the broker did not return me anything. I lost about 8 thousand euros,” one user pointed out. Withdrawal issues and account blocking seem to be a recurring theme in the reviews.

Check Fogarts’ website on eveninsight.com and you will see that it received a terrible trust score and that several security engines blacklisted it for deceptive activity.

Which Trading Platform Is Available?

Fogarts’ trading platform is a relatively stripped-down web terminal that supports popular trading instruments such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.

We saw the platform and it looks pretty rudimental and unpolished, offering just some basic charts and graphs with a limited selection of indicators. It lacks sophisticated tools. Given the broker’s shady background, we believe the WebTrader is rigged.

If you want a real trading experience, you should find a licensed provider that supports recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. 

Available Live Account Types

Leverage, Spreads, Commissions

The maximum leverage that Fogarts offers is capped at 1:200, which, as mentioned, violates regulations worldwide. It is significantly higher than the legal limit for retail clients in Europe (1:30) and North America (1:50). 

Keep in mind that high leverage is a double-edged sword. It can amplify potential profits but also lead to terrible losses. Unreliable brokers such as DegiroCFD are known for exposing users to such risks. 

As for the trading costs, i.e. spreads and commissions, the platform displayed 1 pip for the benchmark EUR/USD pair, which is nice. However, the commissions were not disclosed.

Shady Bonus Policy

Moreover, the broker also grants clients bonuses. These pesky “awards” come with strings attached. The bonus policy stipulates that the trading volume requirement for bonus withdrawals is calculated as X times 5 standard lots for every 100 USD of the profit, where X is the amount of the fixed profit from the bonus. It adds up to an insane amount. Trust us, you do not want something like that in your contract.

Deposit and Withdrawal Process

The website listed several payment methods that can be used to fund live trading accounts and withdraw generated profits:

• Credit/debit cards;
• Wire transfers;
• QIWI;
• WebMoney;
• Bitcoin.

If you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

Scammers favor crypto payments due to the intricate difficulty of tracing and reversing such transactions, allowing them to operate anonymously. Reversing crypto transactions is a complex process that requires professional assistance, and our team of experts is ready to aid you in recovering your funds.

Key Facts To Consider About Fogarts

The Fogarts Forex trading scam primarily targets American and Swiss users. The platform is not aligned with regulatory standards and rules, meaning it is dangerous.

We do not recommend it because it is unregulated. In case you’ve lost money to the Fogarts scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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