Fargo Consulting Broker Review

Regulation and Security

Fargo Consulting is an unregulated broker. Despite claiming to be licensed by multiple authorities such as CySEC, FSA, FSCA, and FSC, there is no evidence to support these claims. A check with the UK’s Financial Conduct Authority (FCA) reveals that Fargo Consulting is not authorized to provide financial services and has been flagged for offering services without proper permissions. The lack of regulation makes this broker risky and increases the likelihood of encountering fraud.

Signs of a Possible Scam

Several factors suggest that Fargo Consulting might not be a legitimate broker:

• False Licensing Claims: The broker’s claimed licenses are not verifiable through official regulatory bodies.
• Misleading Reviews: While some reviews on Trustpilot appear positive, many show signs of being fabricated, raising questions about their authenticity.
• Withdrawal Issues: Multiple complaints point to difficulties in withdrawing funds, with many clients struggling to access their money after depositing.
• Suspicious Trading Platform: The broker offers a basic WebTrader platform with no demo account, limiting opportunities for risk-free practice. These red flags indicate that Fargo Consulting may be operating as a scam, and potential investors should proceed with extreme caution.

Account Types

Fargo Consulting offers several account types aimed at attracting different levels of investors. These include:

• Cent: Minimum deposit of $250
• Zero: Minimum deposit of $500
• Pro: Minimum deposit of $5,000
• Premium: Minimum deposit of $10,000

Higher-tier accounts provide additional features such as increased leverage, reduced spreads, and access to more trading instruments, including Expert Advisors (EAs) for automated trading. However, the lack of a demo account is a concerning issue, especially for new traders who might want to practice risk-free.

Commissions and Fees

Fargo Consulting lists several fees in its Terms and Conditions:

• Conversion Fees: Charged for currency conversion
• Rollover Fees: Charged for holding positions overnight
• Deposit and Withdrawal Fees: Various fees for withdrawing funds (e.g., $10 for amounts under $20, $50 for wire transfers)
• Penalties: For breaching contract terms

Spreads vary depending on the account type, starting from 1.0 pips to 1.9 pips, though actual spreads can sometimes reach as high as 20 pips, which is significantly higher than what reputable brokers charge.

Trading Instruments

Fargo Consulting offers a range of assets for trading, including:

• Forex: EUR/USD, GBP/AUD, NOK/SEK
• Commodities: Gold, silver, corn
• Indices: NASDAQ, FTSE100, CAC40
• Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP
• Shares: Amazon, Meta, IBM

However, as the FCA has banned CFD trading for cryptocurrencies, the broker’s offering of such assets is a major red flag, signaling potential fraudulent activities.

Additional Information

Fargo Consulting offers several payment methods for deposits and withdrawals, including wire transfer, Mastercard, UnionPay, Neteller, and MoneyBookers. However, many clients have reported that withdrawals are rarely processed successfully, further signaling possible scam activities.

Education and Materials

Fargo Consulting claims to offer educational materials through a trading academy that includes lessons on topics like spreads, bid/ask prices, and day trading. However, these resources are provided by unlicensed advisers, making them unreliable. Learning from such sources can be risky, and the lack of credible, licensed instructors undermines the educational value of these materials.

Pros and Cons

Pros:

• Offers a variety of account types catering to different levels of investors.
• Provides access to a range of trading instruments, including forex, commodities, indices, cryptocurrencies, and shares.
• Multiple payment methods for deposits and withdrawals.

Cons:

• Unregulated: No credible licensing, and the broker has been blacklisted by the FCA.
• Poor platform: Uses a basic WebTrader instead of industry-standard platforms like MetaTrader.
• Withdrawal issues: Many reports indicate problems with processing withdrawals.
• Excessive fees: High spreads (up to 20 pips) and additional fees for conversions, rollovers, and withdrawals.
• No demo account: Clients are required to deposit real funds without the option to practice risk-free.
• Misleading educational materials: The training resources are provided by unlicensed advisers.

User Reviews

Summary

Fargo Consulting presents itself as a reputable broker but fails to live up to its claims. The broker is unregulated, with no licenses to back up its operations, and has been blacklisted by UK authorities. It offers a basic trading platform and has several issues related to withdrawals, high fees, and unreliable educational materials. Given these red flags, it’s best to avoid trading with Fargo Consulting and consider more reputable, regulated brokers.