Fargo Consulting Review
In a sea of brokers claiming to hold proper licenses and offering trustworthy services, many fall short of their promises. If you’re considering trading, read this Fargo Consulting review to understand how to distinguish legitimate brokers from those who fabricate credentials.
Is Fargo Consulting a Legit Broker or a Scam?
Fargo Consulting appears to have adopted its name to mimic Wells Fargo, a reputable financial institution. However, this broker is far from legitimate. Fargo Consulting claims to hold licenses from CySEC, FSA, FSCA, and FSC.
Curiously, the company also claims to be registered in the UK and states that disputes are governed by English courts. This would require regulation by the Financial Conduct Authority (FCA). However, a search of the FCA database reveals a warning against Fargo Consulting Ltd, stating that the company promotes financial services without the required permissions.
No evidence supports their claims of other licenses, either. This confirms that Fargo Consulting is an unregulated scam.
Who Are the Victims of Fargo Consulting Fraud?
Based on our analysis and user reviews, Fargo Consulting primarily targets individuals in the following countries:
- United States
- Canada
- Germany
- South Africa
Trustpilot lists Fargo Consulting with a 4.1-star rating, described as “great.” However, a closer look at the reviews reveals a troubling pattern. Positive comments predominantly come from the UK and sometimes from users with identical names, raising questions about their authenticity. Meanwhile, detailed negative reviews from global users outline consistent complaints about scams and withdrawal issues.
Trading Platforms and Features
A Basic WebTrader Platform
Fargo Consulting describes its platform as “institutional grade,” offering advanced tools and comprehensive trade analysis. The reality is much less impressive. Instead of established platforms like MetaTrader or cTrader, the broker provides a basic WebTrader platform with imported TradingView charts. It lacks advanced features and tools, including the advertised copy trading functionality.
No Mobile App
There’s no dedicated Fargo Consulting app, forcing both Android and iOS users to trade via their browser—an outdated and inconvenient solution.
Trading Assets
Once you log in, you’ll find five main asset categories:
- Forex: EUR/USD, GBP/AUD, NOK/SEK
- Commodities: Gold, silver, corn
- Indices: NASDAQ, FTSE100, CAC40
- Cryptocurrencies: BTC, ETH, XRP
- Shares: Amazon, Meta, IBM
Note: The FCA has banned CFD cryptocurrency trading due to its association with scams. Fargo Consulting’s offering of these assets is further evidence of its unauthorized operations.
Leverage, Spreads, and Fees
Leverage
Leverage ranges from 1:20 to 1:200, depending on the account type. While these levels are common for unregulated brokers, they exceed the 1:30 limit imposed by European regulators for retail traders.
Spreads
Spreads are floating, starting from 1.0 to 1.9 pips. However, real examples provided by the broker show spreads reaching up to 20 pips—an exorbitant cost for traders.
Fees
The Terms and Conditions list numerous fees, including:
- Conversion fees
- Rollover fees
- Deposit and withdrawal fees
- Penalties for breaching contract terms
Fargo Consulting Account Types
The broker offers four account tiers:
- Cent: $250 minimum deposit
- Zero: $500 minimum deposit
- Pro: $5,000 minimum deposit
- Premium: $10,000 minimum deposit
Higher-tier accounts provide increased leverage, reduced spreads, and access to more trading instruments. Only Pro and Premium accounts support Expert Advisors (EAs) for automated trading.
No Demo Account Available
Fargo Consulting does not offer a demo account, forcing clients to risk a minimum of $250 immediately. For an unregulated broker, this is a significant red flag.
Educational Resources
The company claims to provide a trading academy offering lessons on various topics, such as spreads, bid/ask prices, and day trading. However, these materials are provided by unlicensed advisers, making them unreliable. Learning from such sources is risky and unwise.
Fargo Consulting Withdrawal Process
Clients can submit withdrawal requests via their account dashboard. Once approved, the broker claims withdrawals will be processed within one business day using the same payment method as the deposit.
Withdrawal Terms
- Minimum withdrawal amounts: $20 for most methods, $100 for wire transfers.
- Fees: $10 for withdrawals below $20 ($50 for wire transfers).
The company lists the following payment methods:
- Wire transfer
- Mastercard
- UnionPay
- Neteller
- MoneyBookers
However, numerous complaints suggest that withdrawals are rarely processed successfully.
Key Points to Remember About Fargo Consulting
Fargo Consulting is an unregulated broker operating under false pretenses, with a warning issued by UK authorities. Here’s why you should avoid them:
- Unregulated operations: No legitimate licenses support their claims.
- Misleading platform: A basic WebTrader instead of advanced trading software.
- Withdrawal issues: Complaints reveal significant obstacles to retrieving funds.
If you’ve already invested, we recommend taking immediate action:
- Submit a withdrawal request.
- Report the broker to your local financial regulator.
- Seek professional assistance to recover your funds.
