FXrally Review – Uncovering The Truth Behind The Scam Broker

We despise dishonesty. The FXrally scam broker has been feeding off of traders’ hard-earned money so we decided to expose the fraud.

In the FXrally Review, you’ll find all the proof you need to see that this is a fake trading scheme. Hopefully, you’ll soon forget about this deceitful phony broker.

In addition, we urge you to be extra vigilant with unregulated brokers such as CentroBanc, Trendex and Weltex.

Broker Status: Offshore Scam Broker
Broker Regulation: Unlicensed Forex Provider / No Regulation
Scammers Websites: fxrally.co
Operating Status: Active Forex Trading Scam
Blacklisted as a Scam by: N/A
Broker Owner: Giant Solutions LTD
Headquarters Country: British Virgin Islands
Foundation Year: 2021
Trading Platforms: WebTrader
Mobile Trading: Available
Minimum Deposit: 250 EUR
Deposit Bonus: Up to 100% of initial deposit
Crypto Trading: Available – BTC, ETH & LTC
CFD Trading: Yes, you can trade CFDs
Trading Instruments: Forex, Crypto, Indices, Commodities, Shares
Maximum Leverage: N/A
Islamic Account: Not Available
Demo Account: No, only live trading accounts
Accepts US Clients: US traders are not accepted
Global Fraud Protection Team: Don’t Invest in This Scam Broker!

FXrally – A Legitimate Broker Or a Scam?

Run by Giant Solutions LTD, allegedly from the British Virgin Islands (BVI), FXrally is an offshore provider. So, is the FXrally regulation safe enough?

Not at all since the company that owns this monkey business isn’t even registered with the BVI regulator, the FSC. Even if it were regulated, offshore domains aren’t credible enough to be considered “secure”, plus, the majority of them don’t even regulate the FX market.

FXrally isn’t registered with the BVI regulator, the FSC

Hence, our advice for you is to find a Tier 1-licensed broker that operates under the strict jurisdiction of the European Securities and Markets Authority (ESMA), the UK’s FCA or Australia’s ASIC.

Or, if you’re from the US, make sure your broker is registered with the adequate authority that oversees its sector (NFA, CFTC, SEC, FINRA, etc.).

FXrally is an unlicensed scam broker from the British Virgin Islands. Since November 2, 2021, the con artist has scammed traders from the UK, Australia, Germany, Canada and Bangladesh by offering FX, CFD & crypto trading.

FXrally Broker Pretending to be Regulated

Is the FXrally reputation true? We’re afraid not since the broker isn’t registered with its local regulator in the BVI.

The address that FXrally provided cannot be confirmed. We wouldn’t trust this Giant Solutions LTD either.

Where Do FXrally Victims Live?

From what we gathered, FXrally was all over the place. The broker seems to like heavily regulated states. We found traces of fraudulent activity in the following countries:

  • United Kingdom;
  • Germany;
  • Australia;
  • Canada;
  • Bangladesh.

So, an unlicensed offshore broker provided services to onshore clients without the necessary permit. 

That’s illegal. If you know anything about this scam, please tell us so we could pressure financial regulators to react to the FXrally trading scam.

Reviews of FXrally – Traders Share Their Experience

Next stop, Trustpilot. At the time of this writing, FXrally had 25 reviews, mostly negative and Trustpilot even warned us about detecting a “number of fake reviews”, which were removed. 

We found this one complaint against the broker that was flagged so the user had to provide proof that he/she was actually scammed.

This company is a complete scam. Very good one thought, very believable.

I have invested 250$ in June. It made 10% profit in one week but after that they wanted me to invest 5000$. I was not going to do that and decided to close the account…

Trustpilot user, September 28, 2022.

FXrally Of IronFX Trading Platform

As you may have already guessed, the FXrally trading platform is WebTrader. This rudimental and oversimplified web-based terminal offers just basic charts and graphs.

It’s simply not cut for advanced trading. FXrally doesn’t support any renowned third-party platform such as MT4, MT5 or cTrader.

FXrally Mobile App – Can I Download It?

No. WebTrader is browser-based so it doesn’t need downloading. The mobile version, aka MobileTrader, is available on the website.

But, we don’t recommend it. It’s not that we have something against mobile trading, it’s just that we don’t trust unregulated providers.

Targeting Victims – How This Fraudulent Company Operates

There is a variety of methods scammers use to find victims. Basically, anything web-related that comes to mind – Google ads, social media posts, YouTube videos, fake LinkedIn ads, online marketing campaigns, etc.

Also, scammers like to invite victims to shady private WhatsApp & Telegram chats. Or, victims may get persistent phone calls and emails.

Sometimes, the persuasion stage of the scam lasts for months. The financial swindler creates fake dating app accounts and tries to ‘seduce’ the potential victim.

What Can You Trade With a Broker?

Here’s a quick overview of the FXrally trading assets:

  • Forex pairs – EUR/USD, GBP/JPY, AUD/CAD…
  • Indices – UK100, NIKKEI225, S&P500…
  • Commodities – gold, crude oil, corn…
  • Shares – Facebook, Tesla, Samsung…
  • Crypto – BTC, ETH, LTC.

Fees and Spreads Overview

Its seems that FXrally didn’t specify its trading conditions. The leverage, spreads and commissions are unknown. That’s another red flag and reason enough not to trust this fraudster. 

As for the fees, FXrally charges 100 $ if the trader wishes to close his/her account without making at least 20 traders. There’s also an inactivity fee of 100 $ after 30 inactive days.

What Are the Differences Between FXrally Trading Accounts?

FXrally offers three trading “plans” rather than accounts, which is essentially the same thing. The most important distinction between them is the minimum deposit, the rest is bogus.

  • Starting – 250 EUR;
  • Advanced – 5,000 EUR;
  • Expert – 25,000 EUR.

We wouldn’t risk this money with the illicit broker. You can find numerous legitimate and licensed brokers that require you to pay just 10 $ for a micro-account.

Can I Trade For Free With A Demo Account?

There’s no demo account. That means there’s no free training. You’ll have to invest straight away in a live account and potentially lose all your money. The demo account wasn’t omitted inadvertently.

Withdrawing Profits From Your Broker Account

Let’s look at the FXrally withdrawal policy but also the methods for depositing funds. The broker outlined four methods of funding on its website:

  • Credit/debit cards;
  • Wire transfers;
  • UpayCard;
  • Moneynet.

Allegedly, withdrawals take 5-10 business days, depending on the payment method. However, there’s a shady bonus policy that will undoubtedly cause withdrawal issues.

Namely, traders have to achieve an insane trading volume that equals the “bonus amount / 4 *  standard lot = 100,000” for them to be able to withdraw funds. Say you’ve got a bonus of 100 EUR. Divided by 4, you get 25, times 100,000, that’s 2,500,000!

I Lost Money With FXrally Scam, What to Do?

If FXrally violated any terms and conditions, you’ve been scammed and left without compensation. Global Fraud Protection found multiple complaints, which means you’re not the only victim of FXrally scam.

Luckily, our team of experts specializes in bank chargebacks and advanced crypto-tracing software such as CipherTrace. Give us a call and we’ll gladly help you get your hard-earned money back!

If this broker steals your money, start the chargeback procedure. Contact us via Online Chat, the easiest and fastest way to book a free consultation with us.

All In All, Don’t Let the Scammers Get Away for Free!

FAQ Section:

Is FXrally a Legit Broker and Should I Invest In It?

No. The broker is unlicensed to provide services and has already defrauded several traders. If you invested, call us straight away.

Does FXrally Offer a Demo Account?

No. FXrally doesn’t offer a free demo account on its website.

Does FXrally Have a Mobile Trading App?

No. Since FXrally doesn’t feature a third-party platform, there’s no need for a mobile app.

Does FXrally Give a Welcome or Deposit Bonus?

Yes. The maximum possible bonus equals 100% of the initial deposit.

The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Fox on Law,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

This article is syndicated automatically through a third-party agency from ForexIndustry.com.

To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/11/fxrally-review-uncovering-the-truth-behind-the-scam-broker/.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Read More

Portu vs. Indigo

Investment platforms have become increasingly popular in recent years as more and more people seek to invest their…