It’s often advised not to judge a book by its cover, but sometimes a name can give away a lot about a person and even a company. ForexWings is a Forex broker whose name itself does not inspire trust or confidence. After all, they do expect you to be giving them your money, right? Well, they too realized the folly in using such a name and have since rebranded to FW Markets. That still doesn’t change the fact that the ForexWings scam is still active, only now they are wolves in sheep’s clothing. You still don’t believe it, then this review is just for you.
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Trading Platform: MT4
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Why is ForexWings a scam?
The main signs of a scam begin with the origins of the company itself. ForexWings is based in St. Vincent and the Grenadines and has also been registered there under license number 20779 IBC 2013. Despite having a license from the country’s financial regulator, that doesn’t let ForexWings off the hook. In fact, many other schemes such as the ForexWings scam acquire licenses from SVG knowing that the country’s regulator isn’t too strict. Besides, being headquartered and licensed offshore strips their clients of essential protections of their funds. For example, the SVG Financial Services Authority doesn’t demand a steep minimum capital requirement. That requirement is usually imposed to ensure that the company is capable of handling client compensation in case of bankruptcy. Therefore, working with ForexWings leaves clients open to losing their money and also without a way of pursuing a case against them.
What is also odd is that they do not provide a contact number in SVG but rather one in New Zealand. This raises suspicion because there was an incident a few years back where New Zealand’s Financial Markets Authority (FMA) deregistered many of those Forex brokers registered with the Financial Service Providers Register (FSPR). The FMA did this because they noted that many unregulated Forex brokers took advantage of their registration with FSPR as a means of gaining trust from potential clients who believed the New Zealand-based broker could be trusted. However, the FSPR does not regulate brokers, therefore, companies like ForexWings are doing the same. This is why our ForexWings review is very suspicious of the company’s activities.
One could even begin to notice the scam just by a quick ForexWings website review. The website is very shoddily done and it even presents outdated content. Toward the bottom of the homepage is a live feed of their Twitter account that has not been updated since 2014. This was just one year after the company was licensed in SVG, which only shows that there is a lack of seriousness within the company. You should never trust your money with a company that has been seemingly offline for about four years. After all, how do you expect they would still have their servers running if they even can’t post a tweet?
There are other reasons to dissuade any new trader from signing up with them, but perhaps the most illuminating evidence comes from the ForexWings reviews. Just as you would expect from a company that doesn’t seem authentic, the reviews are overwhelmingly negative. Although there is no company that lacks a few negative responses, those for ForexWings leave no doubt that the company cannot be trusted.
Is ForexWings legit?
By now, you should have already concluded that the answer to this question is negative. All the signs point to the company being a poorly orchestrated scam. Nevertheless, it was important to go through this ForexWings review because there may be others who may be considering them as a potential partner. Once you can spot the characteristics of these scam brokers, you won’t ever fall for another trap.