Forepay Review : Fees, Pros and Cons, Reviews by Real Traders

Forepay

Operating status: SCAM

Website: https://forepay.co/

Broker violations and abnormal records

Feb 19, 2023 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
Feb 20, 2023 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.

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