FreshForex is among the Top Binary Brokers in Russia. The company was registered back in 2004 and is headquartered in St. Vincent. The company offers Forex and CFD products. Following, we are going to review this broker and see whether the complaints against it are justified or not. So, stay with us!
A Broker holds the right to suspend an account. But it must show cause. It can’t do anything without showing proper notice to the trader. However, some brokers suspend trader accounts without explaining.
FreshForex is among these traders. There are many complaints in the forex community against this broker that it suspended various user accounts without explaining. When an account is suspended, the broker usually keeps the balance. Yes, it doesn’t pay the original owner anything at all.
It keeps the current balance without justifying their action to the trader, the original owner. It is critical and confirms our suspicions that FreshForex is a fraud.
FreshForex doesn’t care to provide its users with any details about its parent company or work history. There is no information about the company, its inception, establishment, team, board, etc. Even though there is a dedicated About Us section on the website, you won’t find anything useful.
The About Us section is dedicated to the mission statement and various promises FreshForex makes to traders. It’s a cliché because almost every forex scam doesn’t mention anything important on their About Us. It keeps everything under wraps, so no one can trace the broker once the site is closed.
Slippage is a trick used by brokers which prevents you from profiting. Slipping is changing the price once you take or close a position. Yes, When you proceed to buy and seal the deal, the price suddenly changes to something higher, and you forcefully enter a higher price than what you saw on charts.
It is a popular way of manipulating the market to milk profits out of the trader. Unfortunately, this is a widespread practice today, and brokers like FreshForex openly use it to their benefit. There is no way to avoid these scams. The best thing you can do in such cases is changing your broker.
FreshForex is guilty of Price Manipulation. This broker has manipulated its market ever since its inception.
There are proper benchmarks against which a broker sets its prices. This benchmark helps to regulate the real-time market prices. Every regulated broker must follow this benchmark. Unfortunately, most brokers in the forex marketplace are not regulated.
Even worse, most traders don’t search for a regulated broker before signing up. Unregulated brokers don’t follow these benchmarks and set their prices. These prices are skewed against the trader.
FreshForex has been in the marketplace for many years. It offers several attractive features, but we can’t recommend it to our readers because of its ultimately a fraud. Yes, these features won’t do you any good because you will lose your money anyway.