FXG Invest Review (2023)
Is FXG Invest a scam or a legit broker?
FXG Invest has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. FXG Invest is owned by Grand Services LTD which is an offshore company registered in the Marshall Islands.The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.
About FXG Invest
| 🗺️ Registered in | Marshall Islands |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is FXG Invest safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
FXG Invest is a Forex and CFD broker owned by Grand Services LTD, registered in the Majuro, Marshall Islands, and operated by Nordic Pearl Limited, registered in Sofia, Bulgaria. Even though the broker states to be registered in Bulgaria, it is not regulated by the Bulgarian Financial Supervision Commission or any other financial authority. Also, they provide Swiss contact phone number which is quite suspicious and discrepant.
We also a closer look at the Nordic Pearl Limited and turned out that the company has operated the forexgrand.com which is a scam, banned by different regulators. As a name behind the fraudulent brand, Nordic Pearl Limited has been blacklisted by Italy’s CONSOB:
“the company Nordic Pearl Limited is not authorized to provide investment services and activities in Italy by any means and, therefore, including through the website forexgrand.com.”
and Canadian BCSC:
“The Parties (Nordic Pearl Limited and forexgrand.com) are not registered to trade in, or advise on, securities or exchange contracts in BC.”
Conclusion
Considering all the facts above, it is better not to deal with this company. Non-regulated and offshore regulated brokers should be avoided as a general rule, as most of them turn out to be scams. We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.