Forexland is a Forex brokerage firm purporting to operate from the Marshall Islands, which is an offshore jurisdiction. The website offers the renowned MetaTrader 4 (MT4) platform for trading currency pairs and precious metals.

Although the broker hopes to draw users with promises of high leverage, tight spreads, and low fees, the business has several issues. Read our Forexland review to learn whether this firm is trustworthy or a lurking cyber scam like AEFOREX.

Legal Info: Is Forexland Regulated?

Based on the information available on the website, the Forexland broker is based in the Marshall Islands. However, there is no evidence to support that claim. Older sources suggest the firm operated in other offshore domains as well.

What we can say for sure is that this business is not regulated. Forexland is not authorized to provide services under top-notch financial jurisdictions, meaning the website operates illicitly. Funds you place on this platform can easily disappear overnight. 

We thus recommend you stick to regulated firms operating under the supervision of reputable financial market authorities such as the FCA (UK), ESMA (Europe), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.

Such companies are subject to stringent regulations and must offer clients negative balance protection, segregation of funds in top-tier banks, and, in some cases, compensation schemes.

Who Are Forexland’s Targets?

According to WHOIS, the forexland-fx.com website domain was created on October 20, 2021. Since then, the firm has been accepting traders from the following jurisdictions: 

• United States;
• Canada;
• Japan;
• Cyprus.

All four countries have heavy regulatory laws in force for their markets. Their respective financial watchdogs meticulously monitor all participants and transactions to prevent digital hoodwinkers from defrauding traders and investors.

The anonymous Forexland FX platform, like X-F24, is not eligible to operate under these regulators. The shady broker violates regulatory rules by offering leverage much higher than allowed. 

Trader Reviews – Sharing Experiences

We found several negative Forexland reviews on scamadviser.com. Traders expressed their frustration in the comments. They said the broker defrauded them and prevented them from withdrawing any funds. 

“It is just so devastating because they keep on coming up with excuses when you want to withdraw. You won’t be able to come to a conclusion if you have been scammed or not,” a ScamAdviser user stressed, which aligns with our assessment of the platform.

User feedback is crucial for distinguishing the right providers from the malicious ones. Before investing, you should always read what traders and investors think about a specific company or platform. 

Which Trading Platform Is Available?

The Forexland MT4 platform is available for Windows, MAC, and browsers. Users can also download the Forexland app and use the Android or iOS versions of the platform. Generally, MT4 is a cutting-edge software that equips traders with advanced tools such as automated trading bots, multiple timeframes, superb charting, etc.

The website also promotes Forexland copy trading, allowing users to tailor their strategies based on the industry’s best-performing traders and algorithms.

However, even the best software cannot compensate for the lack of a regulatory license. The broker’s unreliable nature casts doubt on the MT platform’s legitimacy. Therefore, opt for licensed providers offering reliable third-party software like the aforementioned MetaTrader 4, MetaTrader 5, or cTrader.

Forexland account

Trading Info – Leverage, Spreads, Commissions

The maximum leverage traders can use scales up to 1:500, which is significantly higher than the legal limit in force in Europe and Australia (1:30) or North America (1:50). High leverage can help reap enormous profits, but it’s extremely risky. The bulk of your funds are at risk if the market suddenly moves against you.

As for the spreads, the broker listed decent and competitive numbers for the benchmark EUR/USD pair, starting from 0.8 pips. Trading metals incurs a $6 commission, presumably per lot.

The trading conditions seem favorable, but this could be a ruse to lure traders. Also, remember the provider’s problematic background and the complaints against the platform.

Can Traders Use a Free Demo Account?

No, which is a red flag. The Forexland login page does not offer a demo account option anywhere. You cannot access the platform and practice with virtual funds without it, meaning you must invest real money right off the bat.

If you are a beginner, that would be a terrible move. As most brokers nowadays offer risk-free trading, we recommend you consider other legitimate options.

Deposit and Withdrawal Process

The website listed two payment methods that can be used to make a deposit and withdraw profits free of charge:

Judging by the reviews, it’s unlikely that you will be allowed to withdraw your money from this platform. In that case, you can only explore refund options.

Reversing wire transfers is possible via a recall. You can request it at your bank, but keep in mind that wires are only reversible if the money has not yet been transferred, i.e., if the transaction is not complete.

Recovering stolen crypto is more challenging. It requires utilizing advanced software such as CipherTrace and professional assistance. Luckily for you, our team can help you out.

Key Facts To Consider About Forexland

Basically, Forexland is an anonymous website posing as a legitimate Forex brokerage firm. This scheme is primarily targeting American, Canadian, Japanese, and Cypriot traders. Users who trusted this firm ended up getting scammed. 

We do not recommend trading on this platform due to its unregulated status. If you have lost money to Forexland, you must seek our professional help to recover your funds! A chargeback is your best option.

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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