ForexFaro has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: N/A.
The reporting at ForexFaro is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Automated trading options|Detailed reporting|Great customer service
Cons: Limited demo account features|Email notifications too frequent
I signed up with ForexFaro through a financial advisor and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Segregated accounts|Automated trading options
Cons: Search feature is basic
I experienced a security concern with my ForexFaro account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Fast execution|Helpful community forum|Good mobile app|Dividend tracking
Cons: No crypto staking
I found ForexFaro from a blog post comparing services and the initial impression was positive. But for about ten months later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Reliable uptime|Stable platform|Professional team|Market news feed
Cons: No crypto staking|Mobile app could be improved
ForexFaro had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Clear documentation|Segregated accounts|No hidden fees|Instant funding
Cons: No dark mode on mobile
I referred a friend to ForexFaro after attending a webinar they hosted. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Wide product range|Professional team|Segregated accounts|Fast deposits
Cons: No fractional shares
I wanted to transfer my portfolio from another broker to ForexFaro. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Risk management tools|Reliable uptime|Responsive team
Cons: Slow to add new assets|No live chat on mobile
The platform itself is okay, but the customer service at ForexFaro is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Automated trading options|Risk management tools|High security standards
Cons: Nothing significant
After for just over a year with ForexFaro I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Easy to use platform|Multi-device support
Cons: Limited social trading features|Account statements could be more detailed
ForexFaro has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Good mobile app|Segregated accounts
Cons: No dark mode on mobile