ForexOne is an unlicensed Forex and CFD broker allegedly owned by group of companies including HB Enterprises OU located in Marshall Islands. ForexOne showed a couple of unverified awards and testimonials. Trading platforms includes MT4 and Sirix. Accounts are basically named Micro, Pro and VIP. Minimum deposit for the most basic account is $250 and leverage extends to 1:500.
What is ForexOne (forexone.co)? Either is ForexOne scam or legit?
ForexOne is considered not safe, as it is new and not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC. For more details, please continue reading our ForexOne review below.
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- Aforementioned, ForexOne is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like ForexOne do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- We confirm that ForexOne is a scam, we saw that it has been blacklisted by both CONSOB in Italy and CNMV in Spain as a scam.
Questions to ask to avoid a forex trading scam
- Is the broker regulated?
- If regulated, how trustworthy is the regulatory body?
- Is the broker offering profits or rewards for opening an account?
- Is the broker offering a cash bonus for opening an account?
- Is the broker offering automatic trades or signals to guarantee profits?
- Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
- If awards are cited, can I verify their authenticity?
- If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?
Is ForexOne Scam or Legitimate Forex Broker?
ForexOne Broker is not a licensed broker.
Scam Expert Advisor uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.
In our reviews, we keep reiterating that regulation is the most clear-cut indicator of legitimacy and the best trust-creator in the business. We encourage our readers to invest funds only in properly licensed brokers in order to exclude any risk of foul play.
Review Verdict: ForexOne is an Offshore Broker. Your Money is not safe
The ForexOne scam broker is unfortunately nothing new on the market, there are many similar brokers, like Goldmans Banc. They all work the same way. They do not have appropriate licensing.
Bear in mind that a legit forex license is the only reason you can trust an online broker, because otherwise, for the safety of your funds you will have to rely entirely on the integrity of the people, who have collected your trading deposit.
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