ForexPropFirm has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to FundYourFX. We’ve received over 5 complaints against ForexPropFirm.
ForexPropFirm, a fake prop trading firm, promises fast funding and lucrative challenges to naïve traders. Hidden behind the veneer is a ploy to profit from unsuspecting people. Even though the firm boasts a perfect reputation, its reviews are likely fake to maintain credibility. Unregulated companies like ForexPropFirm can deceive traders, therefore traders should be wary. Scammed? File a chargeback to recover your money. Be careful and report suspicious activities to protect yourself and others from similar schemes.
Get Your Money Back From These Scammers!
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Key Takeaways
Is ForexPropFirm Regulated? Do They Have a License?
ForexPropFirm, posing as a real prop trading organization, is fooling naïve traders looking for possibilities in the forex market. Despite its supposedly attractive promises, ForexPropFirm focuses its own profits over the success of its clients.
ForexPropFirm entices naïve traders with promises of fast funding and lucrative challenges of $10,000 to $10 million. However, these assurances are nothing more than a ruse to lure unsuspecting people into their scheme.
Their rapid funding accounts, hailed as an industry first, are intended to seduce traders with the enticement of same-day cash. However, beneath the surface lurks a trap in which traders are duped into risky trading methods without adequate guidance or support.
The Illusion of Opportunity: Two and One-Step Challenges
ForexPropFirm’s 2-step and 1-step challenges provide a false sense of opportunity. Traders are forced into meeting artificial profit targets and drawdown restrictions, while the corporation benefits from their efforts.
ForexPropFirm’s ambitious scaling plan, which promises significant capital development, is just another tactic to capitalize on traders’ desires. By requiring a minimum initial capital of $25,000, the company sets the stage for its exploitative actions to begin.
The alliance between ForexPropFirm and Eightcap lends validity to their activity. However, this relationship merely serves to continue the deceit by concealing ForexPropFirm’s genuine aims beneath the guise of a trustworthy broker.
The lack of regulation or the presence of poor regulation is a huge red flag. It means ForexPropFirm is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of ForexPropFirm, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at ForexPropFirm
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
ForexPropFirm Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
ForexPropFirm Reviews: What Do Others Say?
Despite claims of a faultless reputation on Trustpilot, ForexPropFirm’s reviews are nothing more than a ruse designed to retain the appearance of credibility. In actuality, these reviews have been carefully crafted to influence potential victims’ opinions.
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like ForexPropFirm tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust ForexPropFirm reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of ForexPropFirm, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like ForexPropFirm enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “ForexPropFirm reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising ForexPropFirm.
You should always look out for consumer complaints. In the case of ForexPropFirm, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about ForexPropFirm? You can share your complaint in the comment section or submit an anonymous tip.
Is ForexPropFirm Legit Or Scam?
ForexPropFirm is a clever fraud that preys on the vulnerabilities of naïve traders. Their attractive offerings are only a ruse to conceal their genuine objectives of abusing unsuspecting people for financial gain.
Individuals must remain vigilant and cautious while dealing with companies such as ForexPropFirm. By revealing their deceitful tactics, we may help traders make more educated judgments and avoid falling victim to such schemes.
ForexPropFirm is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind ForexPropFirm can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust ForexPropFirm?
All the evidence suggests that ForexPropFirm is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is ForexPropFirm a scam?
Can I withdraw money from ForexPropFirm?
Where is ForexPropFirm Located?
How do I get my money back from ForexPropFirm?
How The ForexPropFirm Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
