Note: FOGEE's official website: https://www.fogee.vip/ is currently inaccessible normally.
FOGEE Information
FOGEE is a brokerage company registered in the UNITED Kingdom at 275 NEW NORTH ROAD LONDON UNITED LINGDOM N1 7AA, the date of incorporation is unknown.
The brokerage provided email support@smartcontractlimited.com, wechat, WhatsApp and social media platforms including Facebook, Twitter, Instagram and YouTube to resolve customer issues.
However, more importantly, the US NFA regulation (regulatory number: 0539541) claimed by the brokerage is suspected to be a set of cards, so the brokerage has no effective supervision at present. Recently, the brokerage received more complaints, please traders to guard against risks, beware of fraud.
Is FOGEE Legit？
FOGEE is said to be regulated by the US NFA (regulatory number: 0539541), but it is suspected to be a card scheme, so the brokerage is not under any effective supervision.
It is recommended that consumers stay away from the brokerage, choose a brokerage with more sound supervision and a higher degree of safety to trade, and pay attention to personal trading safety.
Account Types
FOGEE offers two types of accounts for consumers: Prime Account and Std Account. The two accounts have different levels of maximum leverage, minimum deposit, and minimum spread.
The maximum leverage offered by FOGEE is 1:500, which is relatively high.
In terms of minimum deposits, the minimum initial deposit is $1,000 for the Prime Account and $100 for the Std Account.
Spreads & Commission
Spreads and commissionsvary from account to account, with spreads starting at 0.1 on a Prime Account and a commission of $7. Std Account spreads start at 0.1 and there is no commission.
Trading Platform
FOGEE offers its traders the mt5 trading platform. The metatrader platform is chosen by most brokers and traders in the world. More time frames and technical indicators than mt4, equipped with all the positive features of the mt4 trading platform.
Deposit & Withdrawal
In terms of minimum deposits, the minimum initial deposit is $1,000 for the Prime Account and $100 for the Std Account.
FOGEE enables traders to fund their accounts via visa, mastercard debit/credit cards, UnionPay, skrill, neteller and bank transfers. And FOGEE claims there are no fees for deposits or withdrawals.
Downsides of FOGEE
FOGEE has the following shortcomings that make it unable to qualify as a brokerage.
First, the official website of the brokerage, consumers can not normally open for browsing, can not get the overall information of the brokerage.
Second, the non-disclosure of information leads to the extreme lack of transparency of the brokerage, and it is difficult to obtain the trust of consumers.
Third, although there is supervision, it is suspected of fraud.
Finally, the company was exposed to more than 20 pieces of information, and the wind was very poor. Among them, there are a number of exposures that mention the problem of being unable to withdraw money, which proves that brokerage has serious problems in actual operation.
It is recommended that consumers view the brokerage rationally and conduct scientific evaluation when choosing brokerage transactions.
Negative FOGEE Reviews on WikiFX
On WikiFX, “Exposure” is posted as a word of mouth received from users.
Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
As of now, there are 24 pieces of FOGEE exposure in total. I will introduce 2 of them.
Exposure 1. Unable to withdraw
Exposure 2. Inducement of fraud
Conclusion
To sum up, FOGEE can't be considered a qualified broker because it exposes too many shortcomings.
Its website's inaccessibility, lack of transparency and lack of effective regulation could turn off potential consumers.
In addition, because of the high exposure of brokerage, the problems involved are serious, and there are types of problems such as inability to withdraw money and induction of fraud, so that traders' rights and interests are seriously damaged.
Therefore, the actions of broker should make all traders vigilant and ensure the safety of personal rights and interests.
2023-02-14 10:07
2022-12-07 10:46
