Forman Forex Review: Foremanfx.com Cloned Broker
Forman Forex (Formanfx.com) is claiming to be an ASIC regulated broker which is not the case. FormanForex is using another legit broker’s name and information to fool investors. Thanks to our investigation, we can reveal the people behind this scam platform. Members have been having issues with withdrawing for some time. The broker is blocking their efforts to withdraw funds. Formanfx.com is creating a wedge between members and the broker. Read this genuine and transparent FORMAN FOREX Review for more.
About Forman Forex
The broker claims to utilize Straight Through Processing and providing direct access to markets. Forman Forex claims to have access to institutional pricing and liquidity in over 60 currency pairs. They claim to bridge the gap between trading and technology helping clients to leverage assets. These are all empty claims from a broker who has cloned a legit online trading platform. The broker has cloned the real broker whose website is formanfinancailservices.com.au.
Online trading can be a lucrative way of earning money if only the right tools are used. With transparent brokers by your side, your chances of winning increase. FormanForex is far from being transparent as they hide a lot of vital information. Their trading background and history remains to be the biggest hurdle. No one actually knows where the platform operates from which is a problem. These could as well be offshore brokers who want nothing else but to steal from investors.
Assets found on Forman Forex
According to their trading page, the broker offers commodities, indices, and spot FX. Forman Forex is offering commodities via CFDs. Some of the popular products available include Brent oil, Gold, and Silver. The broker fails to mention the features surrounding these assets. Leverage and spreads available on these commodities is not mentioned. The broker also promises to offer international share indices from ASX200, Dow Jones, and S&P 500. They also fail to give information on the features available on indices.
When it comes to Forex trading, Forman Forex is asking for a minimum deposit of $200. Some of the financial markets available include Buy and Sell or Long and Short. Apart from the minimum deposit and trade type, no information is given on currency pairs. Traders sign up blindly not knowing whether the broker offers exotic, major, or minor currency pairs. It is best to sign up with a broker who explains the assets and features available. Signing up blindly could mean getting harsh trading conditions.
Business Owner
Forman Forex Pty Ltd is the company which claims to own this website. Disclaimer at the footer of the page claims the company is located in Australia. These brokers are using cloned information from a legally broker based in Australia. The real broker uses the name Forman Financial Services Pty Ltd. These scam brokers are using the information of a real trading platform as their own. And this is one of the biggest red flags we spotted with this ridiculous broker.
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Domain Records
Records from the trusted domain register whois.net reveal the broker has been online for long. The records indicate the website was created on 6th December 2017. These scam brokers have been operational for close to three years. Why they haven’t yet applied for a real license remains a mystery. Traders have been using a cloned website for years without knowing the repercussions. With complaints starting to come out, the house seems to be coming down on these brokers.
License and Registration of Forman Forex
ASIC is the regulator which regulates all brokers in the Australian and pacific region. They have licensed a broker with the name forman financial services. Forman Forex is NOT LICENSED OR REGULATED to offer any trading services. These scam brokers have used the license details of another broker as their own. And this is a criminal offense and the website should be shut down. More and more traders will fall victim to this scam if action is not taken by authorities.
Other regulatory institutions in Europe plan to issue an alert over this scam. Investors from Europe trusted this website due to the false license details. With time, the broker has managed to shut down accounts from members. They have been shutting accounts with funds still reflecting. And this is a good enough reason to stay away from the platform. Without a valid trading license, the broker is out to cause some real damage.
Pros/Cons of Forman Forex
Account Details
Forman Forex is furnishing members with three trading accounts. The accounts listed include Standard, Pro, and Forman Prime. Maximum leverage on all accounts has been set at 400:1 which is not favorable to newbies. Default lot per click has been set to 150 for the first two accounts. Forman Prime account has a customizable default maximum per click. Two of these accounts don’t have any depository requirement. The Forman Prime account dictates members to deposit $50,000 to start trading.
Customer Contact and Support
Clicking on the chat bot at the bottom right hand side of their website directs you to a Chinese page. The broker seems to be using Baidu as their form of communication. And this is another proof the broker has been planning to scam Chinese investors. A genuine trading platform will offer effective means of communication such as live chat support. Without crucial communication channels, the broker is hard to reach. And this is what scam brokers want, to stay away from their victims.
Deposit and Withdrawal Options
Forman Forex is unclear on the type of depository channels available. From what we heard, members get an email with an account number. Some members get the funds on their accounts, others don’t. And these means the broker is depositing funds in an unsecured account. Withdrawing funds is still a major issue even to those whose account reflects a balance. Stay away from these types of brokers.
Personal Broker
The broker claims to offer a personal broker with all account types. Forman Forex is using hired call agents to act as account managers. These are people who have been making calls to members urging them to deposit more. A scam broker has no capacity to offer professional brokers. And this leads many users to give up control of their accounts to these call agents. In a short time, the call agents make losing trades and demand more deposits. And the cycle continues.
Trading Platform
FormanForex is claiming to use MT5 trading terminal as their preferred tool of trade. The trading terminal is just a MT5 page and not the real deal. These scam brokers are actually using a custom made platform which is risky at best. Their platform is not compatible with various devices as they claim. These brokers don’t bother to safeguard their trading platform to prevent third party attacks.
Safety of funds with Forman Forex
Security of funds is not guaranteed by a broker who fails to have DDoS protection and SSL encryption. Forman Forex is pooling funds in one account which is against trading regulations. Stay away from these brokers as they plan to shut down as soon as their pockets get full. Expect no compensation from such a broker when the platform goes under. FormanForex is not participating in any compensatory scheme. These are scam brokers with no ounce of transparency in them.
Scam or Legit Forman Forex
After carefully reviewing all the facts, we can state Forman Forex is a scam. By using another broker’s license details, they are breaking Forex trading regulations. Mark their emails as spam and don’t click on any links sent. Scam brokers use links to get access to personal PCs. Warn your loved ones on the dangers of using a cloned trading platform. It is our hope that authorities will shut down the website before any more damage is done. Steer clear of this platform and don’t accept their calls.
Bottom Line
To protect our readers, we have to add this platform to our scam blacklist. Stay safe and ensure you use approved brokers backed by experts. It is the only safe way to trade.
Continue reading our reviews for information regarding online trading products and services. All the best.