Forbslab.com Review: this is the website of a broker that offers CFDs trading and claims to be based in the Czech Republic. Is Forbslab a legit broker or a scam? Read what our investigation reveals about this company before doing anything else.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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On the website, the Forbslab broker mentions that it is owned and operated by WDI MEDIA MARKETING, a Czech Republic-based company. When we searched online, the website of this company, Wdimediamarketing.com does not mention anything about trading or investment. Previously, the broker itself has been mentioned as a possible scam firm in Luxembourg.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Forbslab
The broker mentions that all payments made on its platform are secured and tradeable assets are more than 60. Welcome bonuses are offered as well as an educational center to learn to become better traders.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Forbslab Trading Platform
There is no mention of what type of trading platform is made available to clients of Forbs Lab Forex broker. Usually, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are Forex, commodities, shares, indices, and CFDs on cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable for beginners. High leverages can lead to huge loss of funds even when you know the market very well. Spreads are not disclosed.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Forbslab
The means of making deposits and withdrawals with this broker are VISA, MasterCard, Bitcoin, and Ethereum. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with the Forbslab Forex broker is not mentioned. It makes it impossible to tell if the required amount is within the average of $100 – $250 common among legit brokers or not. Withdrawals of only 250 EUR and above are allowed and there is a monthly service fee that ranges from 1% to 10% depending on the type of account being used.
There is also an offer of welcome bonuses. This is suspicious because some brokers use this tactic to tie down the funds of clients with unrealistic trading volume requirements.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Blacklisted in Luxembourg
We found that the broker has been mentioned as a possible scam outfit by the Luxembourg regulator, the CSSF.
Is Forbslab Licensed?
No. Forbslab is not a properly licensed brokerage. It claims to be owned by a company in the Czech Republic but it does not engage in Forex trading.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with a representative of the broker, dial +352 28 48 08 94 (Luxembourg), +49 21 124092007 (Germany), +44 20 3936 8619 (UK) or send an email to firstname.lastname@example.org.
Forbslab turns out not to be a registered broker and since this is important, we rate it low. During this investigation, we found out that it is a blacklisted firm and many other websites finger it as a possible scam. Most of the important trading details we look out for are missing from its website.
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- Offers Impressive Trading Assets
- Unlicensed Broker
- Blacklisted In Luxembourg
- Charges Fees For Withdrawals
- No MetaTrader Trading Platform Supported