WikiFX Review: Is Forbschain Just Another Trading Scam?

Forbschain is an online trading company that gives you access to the financial markets. The company guarantee more than 5000 assets including Forex, Cryptos, Indices, and commodities among other assets. They charge a commission of 0.8% and you get profits monthly, yearly, or have to wait to achieve active trader status. They guarantee the lowest prices for the popular crypto market. Also, the company brags to have been in the market for more than 20 years.

Is Forbschain a legitimate forex broker？

Forbschain provides a contact address in Luxembourg:

In order to operate from Luxembourg, a broker must be licensed by the local regulatory authority, the Commission de Surveillance du Secteur Financier (CSSF). However, we do not find a license for the Forbschain on the CSSF website, but a warning that the Forbschain offers investment services without authorization:

Moreover, Forbschain has a newly created website. All fraudulent sites create sites that are generally 1 to 2 years old and disappear to recreate another domain name. Forbschain has a domain name that was created less than two years ago and is therefore part of this dangerous category of financial company. A good company has a site that is regulated and is on the market with over 10 years of experience.

Forbschain also fails to unravel information of the founders and that of the employees. Therefore there is no certainty that youre relying on professionals for trade directions. Moreover, because they failed to provide qualifications data you might end up relying on misleading trade directions. In addition, scammers often hide personal data because they open clone companies and make attempts to rob innocent traders.

Forbschain promises investment opportunities to all sorts of traders. However, as a beginner, you should expect to find helpful educational materials to gain more knowledge of the market. The company does not feature any helpful tools to assist novice traders. Accordingly, investing without a proper understanding of the market and education will lead to an unpleasant trade experience.

Negative Reviews – Forbschain Cleaned My Deposit

The broker has a highly negative reputation among investors. Many complain about withdrawals, but some traders never got a chance to trade. They invested funds, which never reached the trading account or disappeared not long after depositing.

Most reviews come from Germany, France, and Sweden, so be especially careful if you live in one of these countries.

Here is just one of the examples of what traders have to say.

How Online Trading Scams Work

One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.

Once the brokerage believes that they have extracted all available funds from an investor and his/her network, they will then proceed to suspend the account, and the investor will no longer be able to access the funds put in.

Many fraudulent firms will even claim to be domiciled in a regulated jurisdiction, and display fake regulatory licenses and addresses on their websites to try and improve their credibility with unsuspecting investors.

Be careful and verify your information through multiple sources. Constant vigilance should be applied at all times when sending money online.