Beware! 27Forex is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
27Forex is a forex broker which introduces itself as an UK regulated financial agent and offers leverage of 1:1000, with plenty of bonuses in addition, too. All of it is a lie! The leverage cap in UK is 1:30, bonuses and promotions are banned there!
27Forex is an offshore broker who is not regulated therefore operating without the license required. The broker is linked to Two Seven Forex Limited, a company incorporated in 2020 in London, which nature of business includes financial services but is not licensed by the Financial Conduct Authority to operate as a forex broker.
27Forex offers leading-edge trading conditions, deposit as low as 1 USD, leverage reaching up to 1:1000, fixed spreads, accelerated executions, no swaps and no commissions applied. It sounds fantastic, but bear in mind that unlicensed broker might pledge everything and give you nothing, simply because there is no financial authority that is holding them liable.
27Forex REGULATION AND SAFETY OF FUNDS
27Forex is a forex broker registered in St. Vincent and the Grenadines (SVG), a small Caribbean island that is part of the Commonwealth of Nations. It is a favorite destination for shady forex brokers, because there isn’t a strict financial regulation applicable. SVGFSA, the financial regulator openly states that the forex brokers registered on the island are going to remain unregulated, simply put they are not going to bear the consequences of their actions.
In their contact page 27Forex shows two office locations, one in SVG and the other one in the UK. The UK address shown is the office of Two Seven Forex Limited, which holds no license to operate as a forex broker in the UK, as we already clarified. A clever attempt to mislead us and make us believe that they are legit and under FCA supervision, but the imposture has quickly been disclosed.
Your funds are not in safety with 27Forex, even though they reassure that it is their top priority. If you are attracted by the Forex and CFD markets make sure that you confide in brokers that are legitimate and closely regulated, otherwise your money might disappear before you know it. The most important thing for the trader are the stringent regulations put in action, such as the money protection schemes. The guarantees provided by CySEC (Cyprus) and FCA(UK) are respectively of up to 20 000 EUR and of up to 85 000 GBP per client.
27Forex TRADING SOFTWARE
On 27Forex main page there are plenty of choices regarding their trading platforms including MobiusTrader7 and Metatreder5 accounts. However, we couldn’t create a valid MT5 account after registration, definitely a red flag and another piece of misleading information found. The only option available is a web-based platform called Mt7Webtrader which automatically appear in a new window when you click on your account in the Trader Room. We also tried to download the MT5 desktop software from their Main Page but unsuccessfully.
MobiusTrader7 demo accounts are available, though.
The EUR/USD spread with their demo account is usually at 0.7 to 0.8 pips.
On their main page maximum leverage reaching up to 1:1000 is advertised but in reality there is no more than 1:500 available, inaccuracy again to be found. Our firm advice is to stay away from this broker.
27Forex DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with 27Forex is as low as 1 USD, that is what we understood from their main page, but once you register and try to make a deposit, a minimum of 10 USD is required. Another piece of conflicting information and there are more to come.
The ways to deposit are limited to only two options- iPayTotal and PerfectMoney. On their main page there are listed wire transfers, Bitcoin, Skrill and Neteller as methods of funding but de facto you cannot transfer any money using these e-wallets. And the only accepted deposit currency is USD.
27Forex withdrawal procedure is as ambiguous as never seen before. There are only a few lines concerning withdrawal procedures and no details specified at all. There aren’t any fees or conditions listed, no processing time defined, as well. The only mentioning of withdrawals states that if they do not receive the required documents on file, the pending withdrawals will be canceled and credited back to the trading account.
There aren’t any fees specified, as well. 27Forex didn’t care to provide such an information probably because they never intended to pay back. Dormant account policy- missing. The whole website and the service in general is displayed in totally unprofessional manner. A certain sign of a scam, avoid 27Forex, there are too many warning signals.
On the other hand, there are plenty of bonuses, contests, giveaways, offers and an affiliate programs. 27Forex is primarily focused on its MLM model which itself isn’t described at all. Avoid this broker and if you are willing to trade rely on transparent brokers which does not aim to drain your account.
HOW DOES THE SCAM WORK
The scam is a criminal activity. Scammers are aiming at your money and their only purpose is to make you deposit money with them. Their targets are usually individuals who would easily believe in a get-rich-quick scheme. Scammers will promise you almost everything, they will manage your account, will send you free trading signals, will have the best software, will give away bonuses and promise hundreds or thousands of percents weekly gains and profits.
Be extremely careful when you choose your agent! Trust only highly renowned forex brokers, well-known to the broad public, which are transparent and subject to strict regulation by financial authorities such as FCA and CySEC in EU and NFA in the US.
WHAT TO DO WHEN SCAMMED
No one is truly sheltered from the scammers. In case you fall victim to a scam there are certain things you should do. The first thing to do is to protect yourself from further risks. Contact your bank and explain your situation to them, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other institutions that have something in common with trading and investing. Seek for help actively!
Share online your experience, it is important to protect others as well. Be responsible!
Avoid 27Forex, there are too many contradictions with this entity.
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