Is FreshForex a scam or legit broker？
FreshForex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.
This results in a very high risk trading opportunity, despite its alluring proposal.
The online Forex broker FreshForex as stated on the official website has been working in the foreign exchange market since 2004, while claims performance with one of the best trading conditions on the market due to which they are among top Forex broker companies as well according to the research of the famous news agency Interfax.
Among that the broker gained some more world recognition from the publications and industry expos, however, the FreshForex which is a trading name of the Riston Capital Limited company incorporated in an offshore hub St.Vincent and the Grenadines. There is no matter of the company location, but there is a sufficient risk if the company delivers services without any regulation or licenses from the world known watchdogs in the Forex industry.
That means that the company may put their client into unnecessary risks while trading which will involve higher leverage level, alike 1:2000 as offered by the FreshForex, non-regulated money management of the clients, as well as lack of operational standardization
Since this is not the case of the FreshForex the company do not comply with the adequacy requirements and follow of rules, thus clients do not rest assured about the safety of the financial services they receive.
Meanwhile, the broker mainly concentrated on the offering among Russian and Asian residents, while also there are a significant amount of negative reviews about the company crossing around the internet.
Overall, we generally advise not to trade with the offshore brokers since it is incurred to be a risky business, and increases the potential of general trading experience.
Conclusion
It is much more sufficient to choose among well established and regulated, reputable companies that are heavily overseen by the respected authorities. The list of FCA, ASIC such as broker FP Markets from Australia.
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