Is 27forex.com just another scam broker, or is it actually legit? Is it going to be wise to trust and trade with this broker? Before you move to decide on this, we advise you read this review on 27Forex Broker.
Forex trading is a constantly growing market. While this is a good thing, it is constantly abused by scam brokers who target unaware victims. But to avoid this, you need to know the right broker. This is where we come in. The following review will tell you all you need to know about 27Forex broker.
What There is to Know About 27Forex Brokers
27Forex is a brokerage company who according to their website, 27forex.com, are located in the UK. They are linked to a UK-based company named, “Two Seven Forex Limited”. Meanwhile, 27forex.com offers services in forex, indices, commodities and stock. According to their website, they are registered as forex brokers in Kingstown, St. Vincent and the Grenadines (SVG).
The trading conditions presented by 27forex.com are jaw dropping. They accept deposits as low as $1 and have up to 1:1000 leverage ration. To be honest, they looked to us like the dream brokerage company. That is until we found the following red flags…
27Forex Brokers: Red Flags Found!
While 27forex brokers might look like the one for you, we would like to show you a few red flags we found before you throw in with them.
There are two addresses provided on 27forex.com. The first one is located in the UK, using the address of their parent company. The other address shows a location in St. Vincent and the Grenadines (SVG). SVG has been a known location for scam brokers. Their financial regulatory, SVGFSA, stated that brokers within the region are unregulated.
For this reason, SVG is declared as offshore and is not a trustworthy region. Besides that, one of the phone numbers provided by the website bears and Indian country code. With no information linking them to India, we can’t help but wonder how this works.
Shady Terms and Conditions
One of the many promises made by 27forex.com is that they offer a leverage of 1:1000. Considering their location, this is completely absurd. One who is familiar with FCA policy would know that brokers in the UK are only allowed a maximum leverage of 1:30.
Another thing to note is their deposit and withdrawal policy. 27Forex claims to accept a ridiculously low deposit minimum of $1. However, when you register, you will be requested to deposit $10 to begin (which is also ridiculously low).
We discover also, that their deposit and withdrawal policies do not completely state the deposit and withdrawal fees, or withdrawal processing time. This looks utterly shady and makes us reluctant to trust them.
Probably the most important information to us when checking any broker is usually their license information. The parent company, Twenty Seven Forex, is licensed by the FCA, UK. However, they are not licensed as a brokerage company even though on of their services is tagged “financial services”. It is important to not that before trusting any brokerage company, they must be licensed as one, by a reliable body.
On the company’s website, another address is specified. That is, St. Vincent and the Grenadines. They claim to be registered brokers in this location. This, however, is an offshore location. It is extremely high risk and cannot be trusted.
Is 27Forex Broker Safe?
Unfortunately, we do not have the satisfactory information to endorse 27Forex. Considering these red flags stated, we cannot recommend these brokers to our readers. Twenty Seven Forex may be a licensed financial service company, but they are not a licensed broker to trade with.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!