“In half-second, my balance goes to -2k” User blames V5 Forex Global

Forex scams are a growing concern in the financial world. These fraudulent activities can take on many forms, including Ponzi schemes, fake trading software, and false promises of high returns. It is important for investors to be vigilant and do their due diligence before investing their hard-earned money. Many victims of forex scams have lost significant amounts of money, and it is crucial to educate oneself on the warning signs and red flags of these scams.

User's Complaint

A user of V5 Forex Global complained on Wikifx against the same broker. The victim said he deposited 116.40 USD to V5 Forex Global on 14 May 2023. “In half a second my balance goes to -2k was negative” He added in his complaint. He alleged that this broker is a scam. He sent us a Screenshot of the chat while talking to the customer support of V5 Forex Global. Instead of helping the victim. They are accusing the user while giving many invalid reasons. We are sharing that screenshot with you. Have a look and be safe.

About V5 Forex Global

V5 Forex Global is a forex broker with US registration that gives customers access to a huge financial market. Registered Address of the Company is : 1312 17th St, Denver, CO 80202, United States.

Trading positions can have a max leverage of 1:1000 on the V5 Forex Global platform. Customers of V5 Forex Global have access to a variety of market products, including Crude Oil, BTC, Stock, Indexes, and Forex.

It provides clients with two types of trading accounts, a real account and a demo account with virtual money of $100,000 in it.V5 Forex Global offers Tradingweb for PC and Tradingweb for mobile.

V5 Forex Global provides spreads as low as 0.0 pips, which is not always true. Investors are strongly recommended to open a demo account first to test its trading environment and then to decide whether to switch to a real one or not.

Review

According to the V5 Forex Global website. It claims that its website is operated by V5 FOREX GLOBAL Limited, registered at 1312 17th St, Denver, CO, United States V5 Global Limited is authorized and regulated by the US Financial Services Commission (FSC) (license number: 31000231951552) and US National Futures Association (NFA)(NFA ID: 0554281). But when we checked on both the regulatory authorities. We discovered V5 Forex Global is not actually registered by any of them. NFA said directly it is not a member of NFA and FSC did not find this firm. Here are the screenshots you may see. Also when we searched about this broker on WikiFX, we noticed it does not have a License.

As our suspicion arouse against this broker. We searched for Public reviews on the Internet. We got shocked when we saw there are many people on the internet who shared positive reviews about this broker though its not an authorized broker.

Bottom line

Before investing their money, traders must exercise due diligence and conduct in-depth research on any potential investments. Furthermore, it is essential to only work with trustworthy brokers and to be aware of any guarantees of profits or exaggerated returns. Maintain vigilance and take measures to avoid being a target of these frauds.

To know about the security and reliability of your chosen brokers you can use the Wikifx app. To expand your knowledge and stay informed about the forex market. Download the Wikifx app on your phones. Here is the Link to the download: https://www.wikifx.com/en/download.html