FOGO Review: Is It a Reliable Investment Broker?
Operating under the name FOGO GLOBAL LIMITED, FOGO asserts that it is a highly regulated broker that provides a range of trading products, such as equities, commodities, Forex, and cryptocurrencies. However, upon closer inspection, there are several concerning details that potential investors should be aware of. In this FOGO review, we delve into the company’s regulatory status and the potential risks involved in trading with them.
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Broker Website – https://fogoforex.com/
Domain Age –
- Name FOGOFOREX.COM
- Registry Domain ID 2876728824_DOMAIN_COM-VRSN
- Registered On 2024-04-29T13:45:16Z
- Expires On 2025-04-29T13:45:16Z
- Updated On 2024-04-29T13:48:18Z
About FOGO
FOGO markets itself as a broker regulated by the Money Services Business (MSB) in the United States. The company offers an extensive range of trading products, allowing investors to access global markets. Despite these claims, further investigation reveals that FOGO GLOBAL LIMITED is only registered with the MSB for currency exchange operations, which does not extend to licensing for forex trading or offering financial derivatives.
Red Flags
A significant red flag is FOGO’s lack of regulation by reputable financial authorities such as the UK Financial Conduct Authority (FCA). While the MSB may oversee currency exchange activities, it does not provide the necessary regulatory framework to ensure safe trading or protect investors’ funds. As a result, FOGO is not authorized to offer services related to forex trading or derivatives. This lack of oversight makes it risky to invest, as there are no legal protections in place for your money. Therefore, it is essential to consider these risks carefully before engaging with FOGO.
In conclusion, the lack of regulation and authorization in key markets makes FOGO an unreliable broker. Always ensure that any broker you choose is fully regulated and authorized by a reputable financial authority to safeguard your investments.
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