Thinking of getting into business with Fogee? Here is what you must know about this broker. Carefully read this review to find out if fogee.vip is the trading platform you will want to trade with.
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About Fogee Broker
Fogee is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from United Kingdom.
There are different account types the broker offers.
To clarify, regardless of the trading instruments Fogee claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
fogee.vip: Reasons to Avoid This Broker
Firstly, fogee.vip is a platform with no financial authority overseeing its financial services. We discover this broker is not worth your money because it is not an approved entity under Financial Conduct Authority UK despite flooding its webpage with false certifications .
Secondly, we noticed fogee.vip has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
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. 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 withdrawal policy, Fogee withdrawal process takes 2 business days for Credit cards, 1 business day on e-Wallets and 3 business days for Wire Transfer. The broker claims zero withdrawal fee.
Minimum Deposit
Fogee minimum deposit is pegged at $100 according to the account type.
As for the payment methods, the broker accepts Credit/ Debit cards, Bank Transfer, and e-Wallets. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Fogee Platform
Fogee offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Fogee 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 wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Minimum Trade Deposit $100
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Conclusion: Is fogee.vip a Reliable Broker?
No, fogee.vip 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.