Is FGS Markets a scam or a legit broker?

It is not safe to trade with FGS Markets, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

About FGS Markets
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is FGS Markets safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

FGS Markets is a Forex and CFD broker owned and operated by two companies Trade Up Ltd. and Preseplio Ltd. The first Trade Up Ltd.

is based offshore, in the Marshall Islands. The other company, Preseplio Ltd., is located in Cyprus and claims to be regulated there. They even provide regulation number.

The only agency that regulates financial services in Cyprus is CySEC (The Cyprus Securities and Exchange Commission), but they don’t have Preseplio Ltd. in their register, which means the company is not authorized to offer its services.

None of the companies behind FGS Markets has a proper regulation, that’s why we don’t recommend choosing this broker.

Moreover, these companies were banned by Italy’s regulator CONSOB. Instead, we advise choosing those brokers regulated by serious and reliable agencies, such as FCA in the UK or ASIC in Australia. Check the list of the FCA-regulated brokers here.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about FGS Markets. So you may share your experience or thoughts or discuss them below or ask us for additional information.

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