Score
FFS Group
Australia|5-10 years| http://www.forexfs.cn
Website
Rating Index
Contact
Licenses
Single Core
1G
40G
1M*ADSL
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
Basic information
AustraliaA Visit to FFS Group in Australia - Fake Address
It was confirmed after the surveyor’s inspection that the real address of FFS Group in Australia was different from its regulation address. FFS Group’s MM license (regulatory No: 323193) issued by ASIC was suspected to be a cloned one and its financial service license (regulatory No: 530907) issued by FSPR and retail forex license(regulatory No: 14838) issued by VFSC had already been revoked.
AustraliaA Visit to FFS Group in Australia - Fake Address
It was confirmed after the surveyor’s inspection that the real address of FFS Group in Australia was different from its regulation address. FFS Group’s MM license (regulatory No: 323193) issued by ASIC was suspected to be a cloned one and its financial service license (regulatory No: 530907) issued by FSPR and retail forex license(regulatory No: 14838) issued by VFSC had already been revoked.
AustraliaAccount Information
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Website
forexfs.cn
Server Location
Hong Kong
Website Domain Name
forexfs.cn
Website
WHOIS.CNNIC.CN
Company
厦门商中在线科技股份有限公司（原厦门商中在线科技有限公司）
Domain Effective Date
0001-01-01
Server IP
47.52.147.157
Genealogy
VIP is not activated.Company Summary
Note: Regrettably, the official website for FFS Group (http://www.forexfs.cn) is currently not operational. As a result, obtaining specific details about the broker from their website is challenging. To provide an overview of FFS Group and its activities, alternative online sources were used. It is crucial to acknowledge that the unavailability of the official website hinders accessing accurate and current information about the broker.
| FFS Group Review Summary | |
| Founded | 5-10 years |
| Registered Country/Region | Australia |
| Regulation | FEPR (revoked), ASIC/VFSC (Suspicious Clone) |
| Market Instruments | Forex, gold, silver, oil, indices |
| Demo Account | Unavailable |
| Leverage | 1:400 (forex) |
| Spreads | 1.6 pips (STP) |
| Trading Platforms | MT4 |
| Minimum Deposit | $500 |
| Customer Support | Phone, email, QQ |
What is FFS Group？
The FFS Group offfers a diverse range of trading instruments to its clients. Traders have the option to choose between two types of live trading accounts, namely STP and ECN accounts, each catering to different trading preferences.
However, it is important to note that there have been reports on the FFS Group website suggesting difficulties in withdrawing funds, potential involvement in scams, and instances of severe slippage.
In the following article, we will thoroughly assess and analyze the broker's various aspects, offering you well-organized and comprehensive information. If you have any queries, we invite you to keep reading. By the end of the article, we will provide a concise summary, enabling you to easily understand the broker's characteristics.
Pros & Cons
| Pros | Cons |
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Pros:
- MT4 Supported: FFS Group provides support for the widely acclaimed MT4 trading platform, known for its advanced features and ease of use. Traders can benefit from the platform's robust charting tools, customizable indicators, and expert advisors.
- Range of Trading Instruments: FFS Group offers a diverse range of trading instruments, allowing traders to access various financial markets and explore different trading opportunities. This can enable them to create a well-diversified portfolio and potentially maximize their investment choices.
Cons:
- Lack of Valid Regulation: FFS Group was previously regulated by FEPR, indicating a commitment to compliance with industry standards. However, it's important to note that this license has been revoked. Additionally, FFS Group was previously associated with ASIC and VFSC, although there have been concerns about the legitimacy of the VFSC registration due to a potential suspicious clone.
- Website Unavailability: The FFS Group's website is inaccessible currently, which could pose difficulties in obtaining important information about their services, terms, and conditions. This lack of transparency raises concerns about the reliability and trustworthiness of the company.
- Reports of Scam and Withdrawal Issues: There have been reports suggesting potential scam activities and withdrawal issues related to FFS Group. These reports indicate that some traders may have faced problems when attempting to withdraw their funds, which raises red flags about the platform's integrity and customer support.
Is FFS Group Safe or Scam？
The regulatory status of FFS Group is concerning, as their New Zealand FSPR license (number: 530907) has been revoked.
The claimed Vanuatu VFSC regulation (license number: 14838) and Australia ASIC regulation (license number: 323193) are suspected to be cloned, further raising red flags.
It is crucial to be cautious and aware of the risks associated with this broker. FFS Group operates without proper regulation, indicating a lack of oversight from governmental or financial authorities. The unavailability of their official website adds to concerns about the reliability of their trading platform.
Market Instruments
FFS Group offers a multiple range of trading instruments:
- Forex: FFS Group allows traders to trade in the foreign exchange market, offering a wide range of currency pairs. Forex trading involves buying one currency while simultaneously selling another, aiming to profit from the fluctuations in exchange rates.
- Gold and Silver: FFS Group enables trading in precious metals like gold and silver. These instruments are often considered as safe-haven assets and can provide opportunities for investors to diversify their portfolios or hedge against inflation and market volatility.
- Oil: FFS Group allows traders to speculate on the price movements of crude oil. Trading in oil instruments involves taking positions based on factors such as global supply and demand dynamics, geopolitical events, and economic indicators that impact oil prices.
- Indices: FFS Group offers trading in various stock market indices, representing the performance of a basket of stocks from a specific region or sector. Traders can take positions based on their views on the overall market performance or the performance of specific sectors or industries.
Account Types
FFS Group offers two types of live trading accounts: STP and ECN accounts.
STP Account:
The STP (Straight Through Processing) account is suitable for traders who prefer a straightforward trading environment. In an STP account, trades are executed directly with liquidity providers without any interference from a dealing desk. This type of account offers competitive spreads and fast order execution. The minimum deposit requirement for an STP account with FFS Group is $500.
ECN Account:
The ECN (Electronic Communication Network) account is designed for traders seeking direct market access and enhanced transparency. This allows for tighter spreads, variable pricing, and faster order execution. The ECN account typically requires a higher minimum deposit due to the advanced features it offers. With FFS Group, the minimum deposit requirement for an ECN account is $5000.
Leverage
FFS Group provides leverage options for forex and gold trading. The maximum leverage offered for forex trading is 1:400, which means that traders can trade positions that are up to 400 times larger than the amount of their initial investment. This high leverage allows traders to potentially amplify their profits when successful trades are made.
For gold trading, FFS Group offers a maximum leverage of 1:100. This means that traders can trade positions that are up to 100 times larger than their initial investment. The leverage is slightly lower for gold trading compared to forex trading, reflecting the different characteristics and volatility of the gold market.
Spreads & Commissions
FFS Group provides different types of trading accounts with varying spreads and commissions.
For their STP (Straight Through Processing) account, the spreads start from 1.6 pips. Spreads refer to the difference between the bid and ask price of a financial instrument.
On the other hand, FFS Group's ECN (Electronic Communication Network) account offers spreads starting from 0.2 pips. ECN accounts typically provide traders with direct access to interbank liquidity, resulting in tighter spreads. The extremely low spread offered by FFS Group for their ECN account can be appealing to traders looking for competitive pricing and faster trade execution.
However, due to the inaccessible website, it is no ways to learn about the commission charged by FFS Group. Therefore, traders can directly contact the company and ask for the specific commission.
Trading Platforms
FFS Group provides the popular and respected MT4 platform, which is widely recognized in the industry. MT4 offers a range of tools and features that empower traders to effectively analyze market trends, execute trades, and manage their positions. Its intuitive interface and customizable layout make it a user-friendly platform that caters to traders of all levels of expertise. With its seamless trading experience, MT4 is well-regarded and trusted by both novice and experienced traders alike.
User Exposure on WikiFX
Our website displays accounts of difficulties in withdrawing funds, fraudulent activities, and significant slippage. Traders are advised to thoroughly examine the provided information and assess the risks involved in trading on an unregulated platform. Before engaging in any trading activities, it is recommended to consult our platform for relevant information. If you have come across any of these fraudulent brokers or have personally experienced their misconduct, kindly inform us through the Exposure section. We value your input, and our team of experts will strive to address the issue and assist you to the best of our abilities.
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: 61283550198
QQ: 2682584734
Email: enquiry@forexfs.cn
Conclusion
In conclusion, FFS Group lacks proper regulation as its official regulatory status in New Zealand has been revoked. The claimed regulations from Vanuatu and Australia are also suspect to be cloned. The absence of governmental or financial authority supervision and the inaccessibility of their website raise concerns about the reliability of their trading platform.
It is important to note that investing with FFS Group carries a higher level of risk, as there are reports of withdrawal issues, scams, and severe slippage. Therefore, caution should be exercised when considering FFS Group as a broker choice.
Frequently Asked Questions (FAQs)
| Q 1: | Is FFS Group regulated？ |
| A 1: | No. FFS Group is not regulated. |
| Q 2: | Does FFS Group offer demo accounts？ |
| A 2: | No. |
| Q 3: | What ways are offered to contact FFS Group？ |
| A 3: | It supports phone, 61283550198, QQ: 2682584734 and email: enquiry@forexfs.cn. |
| Q 4: | What platform does FFS Group offer？ |
| A 4: | It supports MT4. |
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
Keywords
- 5-10 years
- Suspicious Regulatory License
- Suspicious Scope of Business
- New Zealand Financial Service Corporate Revoked
- Suspicious Overrun
- High potential risk
Review 35
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Review 35
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平淡
Hong Kong
Withdrawal has been unavailable in FFS since last July, while the website and MT4 are unaccessible now.
Exposure
2019-07-03
阿飞
Hong Kong
I deposited money in FFS platform in last June.I applied the withdrawal of some profits.The system showed that it had been audited,while I haven’t received it yet.The Mt4 has been disabled since last week,as well as the CMR of the platform.The website is still can be surfed. The explanation given by the agent is confusing. Now I feel like this,I bought the Mark Six form the mainland,while my fund was eaten by the dealer.
Exposure
2019-06-12
薇
Hong Kong
I deposited on the platform on March 2018 and money could be withdrawn in the first weeks, But it is impossible to withdraw money by the time of August 2018 until now. There is no access to make complaints now. I have been contacted with the customer service personnel, but they asked me to wait for new withdrawing channel.
Exposure
2019-06-06
^o^
Hong Kong
Today, on May 30th, we still have not waited for the solution promised by FFS’s CEO Lu. We have more than 9,000 people here, that is, more than 9,000 families, and many of them invest by borrowing! How many people have lost their lives because of this investment, and I am one of them! I beg CEO Lu and all the company leaders, let everyone live, give these 9,000 people faithfully following you a way to live! I am just a housewife, a housewife who is family-oriented and is a 24-hour babysitter! My husband worked hard on the construction site every day and earned a small salary. He went to work in the evening to do Didi to subsidize the expenses of the family! I have two sons to raise, and my husband earns money to raise a whole family. Parents can't help us, but we don't have to worry about them. My husband has a salary of 180 yuan a day on the construction site, but it is not enough to cover daily expenses. As a post-1985 man, he raises this home and does his best to make this home a better place! I am grateful to him, and I feel bad about him, so I want to help him and want to earn some money to help this home! The $20,000 I invested in FFS may be a small number for some people. For us, it will take at least 5 years to earn. I save every penny and buy cheap things online. I tell myself every day that CEO Lu is always a dedicated entrepreneur, a successful person with responsibility, he will not let us down! I would like to ask CEO Lu, to let more than 9,000 people, more than 9,000 families to cross this time, and then everyone will always follow you! My FFS account is FFS3088426.
Exposure
2019-05-30
洛雪依依
Hong Kong
Since last July, FFS has experienced a slow cash withdrawal, and it has even stopped withdrawing money this January.My withdrawal in FFS has not been received yet. The customers service always replies me in a frivolous way.
Exposure
2019-05-27
FX2319823774
Hong Kong
Since August 2018, ffs has delayed my money withdrawing with various reasons, such as something wrong with the third party for payment, limit of money being withdrawing. I suspect that the platform has closed down. The picture is the application for withdrawing money in October 2018 and it remain under verification.
Exposure
2019-05-26
明天60732
Hong Kong
FFS Group has de-registered in New Zealand in April 29th, 2019. The service is missing and we can’t withdraw.
Exposure
2019-05-23
FX6249665375
Hong Kong
It’s ironic that I haven’t receive the fund for ten months, while the platform still self-claimed as a ten-year-old brand and take priority of client’s fund. As far as I know, domestic investors’ funds are more than three billion.Since July 24, 2018,the platform has been giving no access to withdrawal with grinding excuses.I hope that investors be wisely and relevant media organizations can unveil it.
Exposure
2019-05-21
罐罐
Hong Kong
Fengyin platform (forexfs.cn) gives no access to withdrawal.I deposited $130,000 in last July and the accumulated $2,300,000 is unable to withdraw.The customer service keeps holds off time,then losing contact.
Exposure
2019-05-07
FX2092776719
Hong Kong
Since last July,FFS Group has behaved in a frivolous way,giving no access to withdrawal.It said that the withdrawal could be received in 3 days,while it has been 9 months,I received nothing.I come from Changchun.I have reported to the police.Hope it be addressed soon!
Exposure
2019-04-25
FX6149849740
Hong Kong
Since August 2018, money withdrawing has been abnormal. The money has been unable to withdraw until now. They asked me to withdraw money via digital currency. Later, I did not make a successful withdrawal. So far, there has been no positive response.
Exposure
2019-04-22
平淡
Hong Kong
It was cannot withdraw from July last year to now , what is this situation! What problem does customer service ?they also cannot handle any problem!
Exposure
2019-04-19
爱君如宝
Hong Kong
No payment has been made since the end of July 2018, and the platform has not given any time for withdraw.
Exposure
2019-03-29
FX9409402534
Hong Kong
Under the introduction of a friend, I deposited $60,000 in the official website of the FFS Group platform at http://www.forexfs.cn/ in early January 2018. At the beginning, every time I withdraw, I can get it within 1-3 days. At the beginning of August 2018, when I tried to withdraw the principal and profit of more than 60,000 US dollars, the website showed that the withdrawal was successful, but it didn’t arrive until now, March 2019. In the waiting period of several months, when the withdrawal was not available at the beginning of August, the platform customer service said that I had to wait for 15 days or so. After 15 days, the platform customer service said that the system will return to normal after about three months. Three months later, the platform said that because of the problem of funding channels, they exchanged the withdrawal money into digital currency for withdrawal, but the digital currency could not be withdrawn either. After New Year's Day, the website of the platform announced that it had replaced the person in charge of the Asia Pacific region. After more than two months, I still can't see any improvement or hope. In short, in the eight months, the FFS Group platform has been procrastinating and delaying me, saying that it is affected by the mainland China’s new policy. However, why many other platforms with the largest volume in the world do not have similar problems, and people can normally deposit and withdraw on those platforms, using digital currency and wire transfer channels. The attitude of FFS Group has always been that digital currency is not safe, saying that their technical channel still needs to continue to be tested, etc. I let them use the wire transfer, but the platform said “Sorry, it is not supported.” Anymore, they keep finding themselves excuses to hold my money.
Exposure
2019-03-09
FX7809884893
Hong Kong
It was impossible to withdraw in July 18. After the online digital currency channel, it was impossible to withdraw money. Platform customer service has been delaying, saying that it is because of third-party payment problems
Exposure
2019-03-02
FX3399786244
Hong Kong
FFS Group, the deposit is still not available for half a year, and has not been resolved starting from July last year.
Exposure
2019-03-01
金豆子
Hong Kong
I applied for a 110000 RMB withdrawal on July 24th, 2018. But I didn’t receive it until February 17th, 2019.
Exposure
2019-02-18
屠龙勇士
Hong Kong
It has been several months since I applied to withdraw money from FFS Group. When can it be solved? The customer service phone number is empty
Exposure
2019-02-08
FX1159318276
Hong Kong
I can’t withdraw on X for 7 months. I don’t know what to do now.
Exposure
2019-05-28
FX3819334202
Hong Kong
The payment has failed to reach the account since July 2018. The platform has been evading it with various reasons, and it has not been paid for half a year
Exposure
2019-01-13