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Have you come across FlareGain?
This platform markets itself as a broker for trading forex, stocks, and cryptocurrencies. However, it operates without proper regulatory oversight and has been flagged by financial authorities including the ASC, FSMA, and FMA.
Users have reported numerous problems, especially with fund withdrawals, raising concerns about potential fraud.
Read on to discover why investing in this platform could be a risky move.
Key Points
- Warnings from Regulators: Flagged by the Alberta Securities Commission (ASC), Financial Services and Markets Authority (FSMA), and Austrian Financial Market Authority (FMA).
- Unregulated Activities: Operates without proper licensing and regulatory oversight.
- Unidentified Founders: Founders and key personnel remain unknown.
- Anomalies in Records: Inconsistencies and lack of clear legal registration information.
- Consumer Issues: Numerous reports of difficulties with fund withdrawals and allegations of scams.
Lack of Regulation
FlareGain lacks proper regulatory oversight, which is a major concern.
It claims to be registered with the “Crypto Service Authority,” a non-reliable regulator, and does not provide clear legal information or valid registration details for the countries it claims to operate in.
Various financial authorities have issued warnings:
User Complaints and Reviews
Numerous users have reported significant issues with FlareGain, particularly regarding withdrawals.
Many have experienced difficulties retrieving their funds, with some alleging outright scams involving demands for additional payments to process withdrawals.
Dubious Trading Platform
The platform does not use widely trusted trading systems like MetaTrader and instead relies on a proprietary solution, which has been described as potentially manipulated and lacking advanced features.
This raises concerns about the platform’s integrity and reliability.
High-Risk Indicators
The website has a high proximity score to suspicious sites, indicating potential associations with harmful or dubious web entities.
It also has high threat, phishing, and malware scores, raising concerns about its safety and legitimacy.
Short Operational History
The domain was only created recently, which limits its track record and makes it harder to assess its reliability and stability over time.
This short operational history is a red flag, as it suggests the platform has not stood the test of time or market fluctuations.
Conclusion
Given these significant concerns, it is advisable to approach FlareGain with extreme caution and consider seeking alternative, more reputable platforms for financial trading and investments.
If you have already deposited funds and are experiencing issues, contacting local financial regulators and exploring chargeback options with your bank or payment provider may be prudent steps to recover your money.
