There are many reasons for the brokers to open offshore headquarters. Sometimes it’s just more straightforward, and there are lower taxes. However, the supervision is looser, and you should be quite careful. Investigate your brokerage well and ensure that you won’t be scammed.
Read our FXrally review and learn everything.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | fxrally.co |
| Blacklisted as a Scam by: | N/A |
| Owned by: | Giant Solutions Ltd |
| Headquarters Country: | British Virgin Islands |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | 250 EUR |
| Cryptocurrencies: | No |
| Types of Assets: | FX, commodities, indices, shares |
| Maximum Leverage: | N/A |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About FXrally Regulation?
FXrally is owned by Giant Solutions Ltd from the British Virgin Islands. This offshore island has a financial regulator, but quite a loose one. For example, while the UK FCA and Australian ASIC require brokers to have compensation funds of over 700,000 EUR, the FSC of the BVI has no such requirements. In fact, it’s enough for the broker to fill out the form and pays a small fee, and it’ll be licensed.
Just for the record, FXrally couldn’t even do this much, so it operates completely illegally.
Why Is It Important For A Broker To Be Licensed?
Brokers must be licensed to provide legitimate financial services and ensure funds’ safety. Since we’ve already determined that FXrally has no regulations whatsoever, every penny that you invest with this firm is at risk.
What is more, we strongly advise you not to invest inProfitrade247,Invest Union LTD andClearpoint Finfraudulent brokers.
How Reliable Is FXrally Broker?
FXrally is a scam broker. The company is registered in the British Virgin Islands and has no financial regulations. Don’t invest your funds, they’re not safe.
Traders Reviews About FXrally
FXrally has quite negative reviews. Here’s just one example.
“This is a complete SCAM. This company is linked with Fxrally.co. They have stolen thousands of pounds of my family and friends hard earned money. Easy to put money in but impossible to get any out. Lies and excuses all the time as to why you can’t withdraw your funds. In the end they ran my account into defecit so there was nothing left to ask for. We dealt with a trader calling himself Orestis and another South African man calling himself Chris..although we have no way of knowing that these are their real names. As family we are devastated. They have taken my pension payout which I worked 30 years for and my Sons savings for a years travel which he has been saving for 3 years. I don’t know how these “people” live with themselves. We have now reported these scammers to financial institutions and instructed a team of solicitors specialising in these scams to investigate.”
– Trustpilot Customer
What Platforms Does FXrally Offer? – Available Trade Software
While advertising 3 and more platforms, in reality, FXrally offers only a proprietary WebTrader. There are some false claims that you can invest in all assets via MT4, but there’s no link to download the platform or anything more than a claim. Thus, we can conclude that this fraudulent firm is luring clients into investing, but once they sign up, they’ll get nothing better than a WebTrader.
FXrally Mobile Trader
Besides WebTrader, the company provides a basic mobile app based on it.
All About FXrally Accounts
Customers can choose between 3 FXrally account types.
Accounts differ in sessions with the account manager, access to EAs, and trading education.
FXrally Broker – Countries Of Service
According to our review, FXrally provides its services in the UK, Australia, and Canada. Note that these are just the main targets, while the scam is widespread. Wherever you are, you should be avoiding FXrally and its trading scheme.
FXrally Range of Trading Instruments & Markets
While claiming to have it all, FXrally doesn’t offer crypto trading. Instead, customers will have access to:
- Forex market
- Commodities
- Indices
- Shares
Also remember the names of theExindex, MargexandFundsProMax trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
FXrally Minimum Deposit
The broker requires quite a standard initial deposit of 250 EUR. However, it’s too much for an unregulated firm. Legitimate brokers mainly have Micro accounts starting with as low as $10 and much lower risks. Thus, that’s what we recommend.
Details Of The Scam Bonus Policy
The company requires those who have accepted the bonus to fulfill ridiculous requirements. For instance, you’ll be prompted to repay the bonus amount divided by four in lots. It means that for $100 bonus, you will have to repay 25 lots or $2,5 million.
And that’s how scammers keep their scheme and prevent customers from withdrawals.
FXrally Unknown Trading Conditions
Besides the initial deposit, this firm has never specified any trading conditions. We know nothing about leverage and spread. It means that the risks and costs of your trading with this firm are unknown, and that’s not something you want.
FXrally Deposit, Withdrawal Methods, and Fees
Again, we’re facing a lack of basic information. The broker has never specified which payment methods it accepts. So you’re risking being prompted for funds paid in crypto, and then getting a withdrawal is way more challenging.
High Inactivity Fee
This company charges some hefty fees, among which is an inactivity fee. For instance, if your account is not active for more than 30 days, the broker has the right to charge you a $100 fee each month.
Payment Method Of Legitimate Brokers
Besides standard payment methods, such as credit cards and bank transfers, legitimate firms accept e-wallets like PayPal and Skrill. Also, if you invest with your credit card, you’re entitled to a chargeback within up to 540 days, giving you some kind of financial security.
Scammed by Invest FXrally Broker? – Let Us Hear Your Story
If you or someone close to you has been scammed by an FXrally broker, let us know. Our chargeback specialists may be able to assist you with the refund procedure.
But What Is A Chargeback?
This is a way for your bank to recover the funds directly from the merchant. If you have any issues, do not hesitate to book a free consultation with our experts. We might be able to help and recover your money before the broker vanishes.