Fogee Review: A Risky Brokerage Firm to Be Aware Of
Trading poses a great risk and trading with an unregulated and risky brokerage can make it even worse. That is why our Fogee review will expose the real truth behind the brokerage by delving deep into its profile. Keep reading to learn everything you need so you can scratch them from your list with ease.
Fogee is not the only broker you should avoid. AllCryptoCapital is also on our blacklist, so read the review if you want to learn more. Welcome to our Fogee broker review, so without further ado, let’s start.
Who Is Fogee? All About fogee vip
There are a bunch of similar brokers like Fogee, claiming to be a global online foreign exchange and CFD broker. Most of those brokers are clones of original companies, trying to mask themselves while they scam people. Their only goal is to defraud traders and take their investments. There is no mention of any regulation or methods to reach them, raising concerns.
Fogee also stated that it is a UK-based and registered firm, however, the address, year of establishment, or any type of the company’s information and history is unknown to everyone. They lack transparency not only with their fees but also with critical information that needs to be displayed for everyone.
|Fogee||Reliable Broker Must Have|
|Legal name||Fogee Limited||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in||N/A||Your country or the country whose license applies in your legal jurisdiction|
|Established||N/A||The older the domain – the higher the possibility the company is trustworthy|
|Website||fogee.vip||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||No official warnings||None|
|Contacts||Data is hidden||Phone, email, social media, web form|
|If a withdrawal is possible||Highly unlikely||Yes|
|Fees||Hidden fees||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
Considering that the company hides its identity so much that there isn’t even a contact number or any type of contact information available for traders, we immediately knew that the broker operates without a license. Furthermore, they aim at traders from the United Arab Emirates, so it’s important to note that they are not licensed by the Securities and Commodities Authority (SCA), which is necessary.
Overall, avoiding this broker is the best you can do to ensure the safety of your investments. Fogee is not the only one with so many red flags so make sure you stay informed and read our Dav Invest review.
Fogee Broker Profile
The broker is a big mystery with so many hidden details. The most important things that a reliable broker should have are transparency and regulation. Without it, the broker can’t be trusted. Fogee doesn’t offer any type of information that would benefit traders and all we know about them is enough to stay away.
The broker claims it uses the MT5 trading platform but information about the minimum deposit required to start is unknown. To make it even worse, there isn’t even a demo account you can try on before depositing real money. Everything about this broker is hidden and therefore suspicious, so traders should be cautious not to get scammed by this dangerous broker.
|Trading Platform||Meta Trader 5|
|Financial Instruments On Offer||
|Education or Extra tools||None|
Can You Trade Safely with Fogee?
This broker is anything but safe, all things considered. They lack the most basic things a broker needs to have to even be considered as a brokerage, like contact details or any background about them.
Their website doesn’t even have an About Us section or anything that would benefit traders. Everything about Fogee is a lie and a scam.
A Look at Fogee ‘s Traders They Serve
Brokers like Fogee will always find a way to persuade you into depositing more money whenever they ask. They will lie and say that you need to deposit a certain amount before requesting a withdrawal, or that you need to pay a commission that wasn’t disclosed anywhere previously, so the important thing is to stand your ground and don’t believe everything you hear.
You will receive multiple emails and calls, all of them offering you a “one-time opportunity” and guaranteeing large profits. Large bonuses and false promises of returns will all sound so easy and reachable, however, when you fall for the scam, everything stops and they disappear. Traders from the United Arab Emirates are warned, as all of their traders come from there.
Deposits and Withdrawal Methods
The broker didn’t disclose the minimum deposit amount or anything regarding fees. The payment methods are not displayed either, so they are probably using anonymous and untrackable options so they can avoid traders filing a chargeback. The brokerage is evidently a scam and there are much better alternatives out there for you.
The withdrawal process is also not explained, leaving traders in the dark. There is no mention of fees that you can expect and it is clear that transparency is not one of their strongest suits. Avoid dealing with brokers who don’t offer reliable payment options and who hide their information.
Fogee Pros and Cons
Long Story Short
The lack of transparency and regulation are major red flags and when you add hidden fees, withdrawal issues, and overall hidden information about the broker, it makes it even worse. The broker is just another sham and shouldn’t be trusted. There are no benefits or any advantages, and the broker doesn’t even offer a demo account so traders are forced to get into trading blindly.
It’s easy to fall prey to scams like Fogee. They can sound very persuasive and make you believe all kinds of lies. That is why it’s important to stay informed at all times and doing prior research won’t harm you. It can be challenging to locate a reliable broker but luckily for you, we know them all. Reach out right away and make the first step toward a profitable trading experience.
What Is Fogee Broker?
Fogee is an unreliable brokerage company that is a mystery to traders. Most details about the company are hidden, leaving traders in the dark. Unfortunately, Fogee is not the only one.
Is Fogee Broker Scam?
The brokerage lacks in so many things like transparency, regulation, and even the most basic things like contact details and other information are hidden. Fogee broker is nothing more than a scam and you should avoid them.
Can I Get My Money Back From Fogee Broker?
If you paid with a card, you can request a chargeback with your bank. Wire transfers and anonymous crypto payment methods are unfortunately irreversible. If you used a wire transfer or any other irreversible payment method, don’t hesitate to reach out. The important thing to remember is that getting your money back is possible and we are just a phone call away.