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Forepay

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Operating status: SCAM

Website: https://forepay.co/

Broker violations and abnormal records
  • 2023-02-19 The Spain CNMV Added Forepay into Its Warnings

    On 20 Feb 2023, the Comisión Nacional del Mercado de Valores(CNMV) issued a warning against Forepay for not being authorized to provide the investment services. You may visit: http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&sortExpression=Fecha&sortDirection=1&page=0&lang=en

    On 20 Feb 2023, the Comisión Nacional del Mercado de Valores(CNMV) issued a warning against Forepay for not being authorized to provide the investment services. You may visit: http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&sortExpression=Fecha&sortDirection=1&page=0&lang=en
  • 2023-02-20 Brokersview has Reviewed that Forepay is an Unregulated Forex Broker

    Forepay claims to be owned and operated by Elysian Group LLC, a company registered with St Vincent & The Grenadines Financial Services Authority (SVG FSA) with company registration number 2359 LLC 2022. We indeed found a match results to Elysian Group LLC in SVG FSA, but please be informed that SVG FSA is not a forex regulator that issues licenses for forex brokers or regulates entities engaging in forex.

    More importantly, the Comisión Nacional del Mercado de Valores (CNMV) issued a warning against Forepay for not being authorized to provide investment services. The truth is that Forepay is not regulated by any regulators. Letting this broker hold or control investors' money is unsafe, and the money can not be protected by any laws. Therefore, it is a scam.

    Forepay claims to be owned and operated by Elysian Group LLC, a company registered with St Vincent & The Grenadines Financial Services Authority (SVG FSA) with company registration number 2359 LLC 2022. We indeed found a match results to Elysian Group LLC in SVG FSA, but please be informed that SVG FSA is not a forex regulator that issues licenses for forex brokers or regulates entities engaging in forex.More importantly, the Comisión Nacional del Mercado de Valores (CNMV) issued a warning against Forepay for not being authorized to provide investment services. The truth is that Forepay is not regulated by any regulators. Letting this broker hold or control investors' money is unsafe, and the money can not be protected by any laws. Therefore, it is a scam.

Related Complaints

Q&A

Forepay has license right???

Aso Karimi
Kazakhstan
2023-02-22
ANSWER Forepay is not a regulated or licensed broker for traders even though it states offers that look good to be true.Forepay claims to be owned and operated by Elysian Group LLC, a company registered with St Vincent & The Grenadines Financial Services Authority (SVG FSA) with company registration number 2359 LLC 2022. We indeed found a match results to Elysian Group LLC in SVG FSA, but please be informed that SVG FSA is not a forex regulator that issues licenses for forex brokers or regulates entities engaging in forex.More importantly, the Comisión Nacional del Mercado de Valores (CNMV) issued a warning against Forepay for not being authorized to provide investment services. You can check the full warning from here.The truth is, Forepay is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Forepay and trade with licensed brokers.
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