Warning Investors ForrestFX / Smart Solution Corp.
Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
ForrestFX, a self-proclaimed provider of smart online trading and investment solutions, has recently been the focus of controversy. In this detailed review, we will delve into the regulatory aspects, its reputation in the market, customer support, and available customer reviews. Our goal is to shed light on why ForrestFX should be approached with extreme caution.
Regulation and Compliance:
When choosing an online broker or investment platform, the first crucial consideration should be regulatory compliance. Regulation ensures that a company is operating within the bounds of the law, safeguarding the rights and interests of investors. Compliance, in turn, means adhering to ethical and professional standards that are expected from a financial service provider.
Regrettably, ForrestFX does not meet these criteria. The Dutch Authority for the Financial Markets (AFM) has issued warnings regarding ForrestFX, stating that it lacks an AFM license or a European Passport. Consequently, the company is not authorized to provide financial services in the Netherlands or any European country. Even more concerning, the AFM suspects ForrestFX of operating as a “boiler room,” a term used to describe fraudulent entities employing high-pressure sales tactics to convince investors to purchase worthless or non-existent shares. Potential investors are strongly cautioned against engaging with ForrestFX and urged to report any interactions with the company to the AFM.
To assess a company’s credibility, one must look at customer reviews and feedback. Reliable firms typically boast positive reviews from satisfied customers who vouch for their products and services. In contrast, untrustworthy companies often feature negative reviews from disgruntled customers highlighting problems and issues.
In the case of ForrestFX, a conspicuous absence of genuine customer reviews or testimonials on the company’s website or reputable sources is a significant red flag. It suggests that the company may either lack real customers or is actively suppressing negative feedback. Suspicion deepens as the only reviews found seem to be on obscure websites affiliated with ForrestFX, and they are all overwhelmingly positive and suspiciously uniform. These reviews potentially could be fake or incentivized by ForrestFX itself and should not be relied upon.
Products and Services:
Legitimate companies should offer a comprehensive range of products and services that cater to the needs of various investors. Conversely, fraudulent companies often offer vague, unrealistic, or non-existent products and services while making exaggerated claims about their performance, returns, and risks to lure unsuspecting investors.
ForrestFX claims to offer a plethora of products and services related to online trading and investing, including forex, stocks, commodities, and more. However, it fails to provide any meaningful details about these offerings on its website. Crucial information regarding trading platforms, features, fees, commissions, and other pertinent aspects is conspicuously absent. Furthermore, no evidence of actual trading or investing activities on ForrestFX’s platform is presented. The company merely offers vague and generic statements about its ability to help investors achieve their financial goals through “smart solutions.”
Trustworthy companies typically have verifiable physical addresses and contact details that customers can use to seek assistance. Shady companies may employ fake or misleading addresses and contact details that are difficult or impossible to verify.
ForrestFX purports to be located on the 1st Floor 85 Great Portland Street, London, United Kingdom. However, this address is associated with Regus UK Ltd., a provider of virtual office services. This revelation casts doubt on ForrestFX’s physical presence at the address, suggesting it might be using it to appear legitimate. Additionally, the provided phone number and email address do not seem to be responsive to customer inquiries or complaints.
A reputable company should maintain a professional and responsive customer service team capable of addressing customer inquiries and issues. Dubious companies may exhibit poor or nonexistent customer service, ignoring customer requests or inundating them with unsolicited offers.
ForrestFX claims to have a 24/7 customer service team reachable via phone, email, or live chat. However, as previously mentioned, the phone number and email address provided do not function or respond to customer inquiries. The live chat feature on the website is similarly unresponsive. ForrestFX only seems to contact customers when pressuring them into purchasing questionable products or services or preventing them from withdrawing funds.
In light of our comprehensive review, it is our firm conclusion that ForrestFX should be approached with the utmost caution. The company’s lack of regulatory compliance, absence of genuine customer reviews, and vagueness about its products and services raise serious concerns. Furthermore, its dubious physical address, unresponsive contact details, and lack of professional customer support all point to a company that should be reported to the authorities and avoided at all costs. Investors should be vigilant and prioritize their financial safety.