Failed withdrawal becomes one of the most prevalent online scams issues today, and falling victim to it may just be a matter of self-claimed excellent trading conditions. Make sure to double-check your choosed broker's clients reviews and checking its regulatory status.
This piece discusses how shabby brokers like FxRally can scam you by luring you into unrealistic profitable deals. We'll also let you know how to avoid scam brokers.
Quick overview
FxRally(https://fxrally.co/) is an offshore broker based in British Virgin Islands. The broker delivers a secure and transparent trading venue for amateur and professional traders to invest Forex/CFD. Other features include different account types, multiple payment options and a trading platform. The company entices clients with bonus programs and bonus profits.
Is FxRally regulated？
FxRally is not regulated with any government or non-government body. The company doesn't even hold registration with any well-known supervisory authority.
FxRally states quite clearly that it is registered in British Virgin Islands under the firm name Giant Solutions LTD.
In order to be officially recognized as a legit forex entity in the nation, the company must be licensed by the British Virgin Islands Financial Services Commission(BVI FSC). Otherwise, it would be pulling scammer strings. And that's what we are talking – FxRally – it was proven by its complete lack of a license from the aforementioned regulator.
In other words, FxRally is operating from the Virgin Islands without an approval, and is therefore an illicit entity.
Clientele feedback
FxRally holds negative clients feedback. The broker has been accused of multiple issues, including misappropriating funds, account closures, withdrawal problems, customer support, etc. People have reported the broker's lousy code of conduct on several independent reviewers' portals, including WikiFX. Let us share some screenshots below.
How to avoid signing up with scam brokers like FxRally？
Take time to do your own research on the reliability of the broker you're looking into instead of relying solely on the information provided to you. If in doubt, contact its customer support.
First, make sure that you open an account with a regulated broker. Secondly, it should be a reputable entity. Avoid paying any heed to such offers and refuse them straight away. Also, do not forget to check the ratings of the respective brokers on platforms like WikiFX.
Finally words
Based on the above information, we can conclude that FxRally is a scam. It involves unauthorized actions to steal directly from its clients by misappropriating funds or assets entrusted to it.
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