We despise dishonesty. The FXrally scam broker has been feeding off of traders’ hard-earned money so we decided to expose the fraud.
In the FXrally Review, you’ll find all the proof you need to see that this is a fake trading scheme. Hopefully, you’ll soon forget about this deceitful phony broker.
Run by Giant Solutions LTD, allegedly from the British Virgin Islands (BVI), FXrally is an offshore provider. So, is the FXrally regulation safe enough?
Not at all since the company that owns this monkey business isn’t even registered with the BVI regulator, the FSC. Even if it were regulated, offshore domains aren’t credible enough to be considered “secure”, plus, the majority of them don’t even regulate the FX market.
Hence, our advice for you is to find a Tier 1-licensed broker that operates under the strict jurisdiction of the European Securities and Markets Authority (ESMA), the UK’s FCA or Australia’s ASIC.
Or, if you’re from the US, make sure your broker is registered with the adequate authority that oversees its sector (NFA, CFTC, SEC, FINRA, etc.).
FXrally is an unlicensed scam broker from the British Virgin Islands. Since November 2, 2021, the con artist has scammed traders from the UK, Australia, Germany, Canada and Bangladesh by offering FX, CFD & crypto trading.
Is the FXrally reputation true? We’re afraid not since the broker isn’t registered with its local regulator in the BVI.
The address that FXrally provided cannot be confirmed. We wouldn’t trust this Giant Solutions LTD either.
From what we gathered, FXrally was all over the place. The broker seems to like heavily regulated states. We found traces of fraudulent activity in the following countries:
So, an unlicensed offshore broker provided services to onshore clients without the necessary permit.
That’s illegal. If you know anything about this scam, please tell us so we could pressure financial regulators to react to the FXrally trading scam.
Next stop, Trustpilot. At the time of this writing, FXrally had 25 reviews, mostly negative and Trustpilot even warned us about detecting a “number of fake reviews”, which were removed.
We found this one complaint against the broker that was flagged so the user had to provide proof that he/she was actually scammed.
This company is a complete scam. Very good one thought, very believable.
I have invested 250$ in June. It made 10% profit in one week but after that they wanted me to invest 5000$. I was not going to do that and decided to close the account…
As you may have already guessed, the FXrally trading platform is WebTrader. This rudimental and oversimplified web-based terminal offers just basic charts and graphs.
It’s simply not cut for advanced trading. FXrally doesn’t support any renowned third-party platform such as MT4, MT5 or cTrader.
No. WebTrader is browser-based so it doesn’t need downloading. The mobile version, aka MobileTrader, is available on the website.
But, we don’t recommend it. It’s not that we have something against mobile trading, it’s just that we don’t trust unregulated providers.
There is a variety of methods scammers use to find victims. Basically, anything web-related that comes to mind – Google ads, social media posts, YouTube videos, fake LinkedIn ads, online marketing campaigns, etc.
Also, scammers like to invite victims to shady private WhatsApp & Telegram chats. Or, victims may get persistent phone calls and emails.
Sometimes, the persuasion stage of the scam lasts for months. The financial swindler creates fake dating app accounts and tries to ‘seduce’ the potential victim.
Here’s a quick overview of the FXrally trading assets:
Its seems that FXrally didn’t specify its trading conditions. The leverage, spreads and commissions are unknown. That’s another red flag and reason enough not to trust this fraudster.
As for the fees, FXrally charges 100 $ if the trader wishes to close his/her account without making at least 20 traders. There’s also an inactivity fee of 100 $ after 30 inactive days.
FXrally offers three trading “plans” rather than accounts, which is essentially the same thing. The most important distinction between them is the minimum deposit, the rest is bogus.
We wouldn’t risk this money with the illicit broker. You can find numerous legitimate and licensed brokers that require you to pay just 10 $ for a micro-account.
There’s no demo account. That means there’s no free training. You’ll have to invest straight away in a live account and potentially lose all your money. The demo account wasn’t omitted inadvertently.
Let’s look at the FXrally withdrawal policy but also the methods for depositing funds. The broker outlined four methods of funding on its website:
Allegedly, withdrawals take 5-10 business days, depending on the payment method. However, there’s a shady bonus policy that will undoubtedly cause withdrawal issues.
Namely, traders have to achieve an insane trading volume that equals the “bonus amount / 4 * standard lot = 100,000” for them to be able to withdraw funds. Say you’ve got a bonus of 100 EUR. Divided by 4, you get 25, times 100,000, that’s 2,500,000!
If FXrally violated any terms and conditions, you’ve been scammed and left without compensation. Global Fraud Protection found multiple complaints, which means you’re not the only victim of FXrally scam.
Luckily, our team of experts specializes in bank chargebacks and advanced crypto-tracing software such as CipherTrace. Give us a call and we’ll gladly help you get your hard-earned money back!
If this broker steals your money, start the chargeback procedure. Contact us via Online Chat, the easiest and fastest way to book a free consultation with us.
No. The broker is unlicensed to provide services and has already defrauded several traders. If you invested, call us straight away.
No. FXrally doesn’t offer a free demo account on its website.
No. Since FXrally doesn’t feature a third-party platform, there’s no need for a mobile app.
Yes. The maximum possible bonus equals 100% of the initial deposit.
No. The broker is unlicensed to provide services and has already defrauded several traders. If you invested, call us straight away.
No. FXrally doesn’t offer a free demo account on its website.
No. Since FXrally doesn’t feature a third-party platform, there’s no need for a mobile app.
Yes. The maximum possible bonus equals 100% of the initial deposit.
The post FXrally Review – Uncovering The Truth Behind The Scam Broker appeared first on Global Fraud Protection.
