Introducing ForrestFX – it operates under the brand name Smart Solution Corp, based in the Marshall Islands. They also have an office in the UK, but there are no registration numbers, documents, and especially no license from the British regulator. Online reviews about the broker average rating of 3.9 stars, which seems odd and suspicious. So, what is this company really about? Is it safe to trade here? Let’s dive in and find out.
How to Trade
This broker offering margin trading with leverage up to 1:400. ForrestFX provides access to various asset classes: forex, stocks, indices, commodities, and cryptocurrencies. However, all instruments are exclusively presented in CFDs.
The terms and additional features depend on the type of account chosen by the trader. The better the tariff, the more favorable the conditions and the more unique advantages. ForrestFX offers 8 tariff plans in total, with the minimum deposit starting at $250. Additional services include:
- Education, e-books.
- Dedicated account manager.
- Daily market reviews.
- Professional trading tools.
- Sessions with analysts.
- Access to an exclusive trading room.
- Account monitoring during market hours.
- Market news and updates.
ForrestFX Vital Info
The exact founding date of the company is unknown, as this detail is overlooked on the official website. However, one can approximate the platform’s launch date by examining the domain of the official website and checking the Marshall Islands registry for when the legal entity was registered. ForrestFX’s domain was created in February 2023, while Smart Solution Corp, which manages the site, was added to the Marshall Islands registry on May 31, 2022. It’s intriguing to ponder what the firm was doing for over half a year without a website.
So, such an organization exists in the Marshall Islands, but the company is not found in the UK. It’s not listed in the Companies House registry. Additionally, it’s worth noting that no licenses are mentioned on the site, suggesting ForrestFX lacks regulatory oversight.
My friend is having issues; he invested here and now can't withdraw his money. The scammers are ignoring him and not allowing him to withdraw. He invested $1k, and now he can't get it back. If you don't want to find yourself in a similar negative situation, choose a different broker.
Is it possible to trade here? I'm currently looking for a company where I can trade CFDs profitably and safely. Does anyone praise this firm? I've seen both positive and negative reviews. I've studied their website, but there's not much information. I want to register and give it a try. Do they offer a demo account? I couldn't find any information about a demo.
In short, I need proof that the company genuinely processes withdrawals. If so, I'd deposit a small amount, try trading, and then decide for myself whether to continue or not.
As an experienced trader, I don't recommend ForrestFX. Why? Because they have a minimum deposit of $250, and also because the broker uses the principle of dividing accounts into several categories, while adhering to the principle of extracting money "pay more to get more services". Such terms are only found with scammers. I've tried many companies in my trading career. And therefore, I can say with 100% certainty that this is a scam and a fake broker. So, I advise against investing a deposit here.
So far, I like the company. I'll say right away – I haven't tested the withdrawal process, so I can't definitively say whether forrest fx is a scam or not. Maybe yes, maybe no. But I've traded for a few days, and I like everything so far. The terms are ordinary and standard for a forex broker.
I only trade forex; I haven't tried other assets, but there are many available here. The platform is standard and very simple, with a user-friendly interface. I haven't communicated with the managers, so I can't comment on that aspect.
Overall, for now, forrest fx is more of a yes than a no. But I still need to test the withdrawal process. I'll do that later and maybe leave another review.
ForrestFX is a classic dealing desk, so if you want to trade here, be prepared for fake charts and fake trading. The scam will work against you because it has only one way to profit – to drain your deposit. Therefore, I recommend choosing companies where there's an element of a real intermediary, meaning trades are sent to a liquidity provider, and also ECN. There's none of that here, never was, and never will be. So, it's better to find another firm.
It seems that these scammers are publishing and buying fake positive reviews. It's laughable to read how people claim it's the best platform and the best broker when, in reality, it's an evident scam and fraud. Why is it the best platform? Their domain was only created in 2023. They don't have any license. Seriously, check their domain forrestfx.com, and you'll see when the domain was registered, that's when this fraudulent platform came into existence.
I regret choosing forrestfx as my primary brokerage partner. I assumed I was dealing with a beneficial and transparent intermediary, but the reality was much worse. Firstly, the conditions are unfavorable. The commissions are very high, as are the spreads. It's not profitable to trade when your position is immediately at a significant loss. Secondly, the trading terminal is subpar. They offer some primitive trading platform that doesn't even resemble other popular platforms, like Metatrader. Thirdly, the technical support takes a long time to respond. In short, I lost my money as it's impossible to trade profitably here. I can't recommend this firm for obvious reasons.
FORRESTFX - THEY R SCAMMERS!!! Please, don't even think about investing your money here!! Because you'll lose it!! THESE FRAUDSTERS OWE ME $1000!! Where's my money??? GIVE MY MONEY BACK!!!
I decided not to deposit. I quickly registered an account and had already prepared money for the transfer, but changed my mind at the last moment. After all, when comparing ForrestFX with other firms, the others are much better.
I didn't see any guarantees here. Where are the guarantees? An office in the UK? But where's the FCA license? I couldn't find it; ForrestFX is not listed in the FCA registry. The terms are also unclear. The company operates very covertly. I wouldn't be surprised if, in reality, this is a blatant scam and people are being deceived.
Upon examining ForrestFX, I'm puzzled about where its positive reviews come from. This is a firm without any license. No financial regulator oversees the broker's operations. Any unlicensed brokerage intermediary is a potential scam. Do you want your money stolen? Unlikely. So, why collaborate with a broker that lacks a license? Hence, please dismiss ForrestFX from your considerations. If they ever obtain a license, then one might at least contemplate the trading conditions they offer. Without it – it's a definite no-go.
Furthermore, one cannot overlook offshore registration. The business model here is undoubtedly 100% B-Book. It's improbable that an unregulated entity, without significant operational duration and popularity, routes trades to an ECN.