In the past three months, WikiFX has received more than a dozen exposures about the broker ANCHGO, most of which were about the inability to withdraw funds.
To prevent more innocent investors from being cheated by ANCHGO and losing their hard-earned money, the WikiFX team decided to dig deeper into this shady platform!
According to WikiFX's study, ANCHGO is a textbook example of a scam broker. It openly lies about being licensed in Australia, while remaining pretty much anonymous. And it promises ultra-low spreads, flexible leverage and access to the leading MetaTrader5 platform, but users cant get hold of any trading software even after registering an account.
ANCHGO License and Safety of Funds
ANCHGO has listed an address in London UK, but at the same time, it claims to be licensed by Australian Securities and Investments Commission (ASIC).
We did check the name and the licensing number provided in the online registry of ASIC and can confirm that there is no such company present there. Take a look yourselves:
Meanwhile, the broker hasnt even provided a contact number and the website lacks any sort of legal documentation. No legit financial services provider will ever make such omissions.
ANCHGO Trading Conditions
ANCHGO hasn‘t made clear any trading conditions, other than the leverage levels it offers – up to 1:500. Nevertheless, this alone could serve as a proof that the broker isn’t licensed by ASIC, as it claims – because such levels are not allowed in Australia, as well as in many other jurisdictions.
Such leverage ratios may seem attractive because of the greater profit potential it offers. But bear in mind that higher leverage also creates a substantially higher risk exposure – if the market turns against you, you may lose all the money in your account in a matter of minutes.
ANCHGO Trading Platform
As we mentioned in the beginning, Anchgo claims to offer clients access to the latest MetaQuotes platform – MetaTrader5 (MT5). However, the download link available on its website leads nowhere, and we couldnt access any platform even after filling out the registration form.
It turns out that ANCHGO approves each and every client – a questionable practice that only confirms our suspicion that the broker is a pure scam. Also, as you can see from the email we got, the broker admits to be registered on the Cayman Islands – an offshore zone where forex brokers work unchecked.
Conclusion
ANCHGO is scam, no doubt! If youre scammed by this broker, please keep the evidence and contact us as soon as possible. You can also log in to our official website or mobile app for self-exposure, copy this link to the browser to open it, and check how to expose the scam https://bit.ly/3dWv4N1
As we all know, Forex trading has a significant level of risk. Make certain that the broker you choose comes highly recommended and has excellent reviews on WikiFX. Conduct extensive research on a certain broker to see whether they have any complaints, particularly on the withdrawal procedure, customer support, website stability, and so on. Some of us would like to test a new broker due to their incredible offers since we don't know what's behind them. It is their marketing approach to entice individuals, but once you are caught on their web, they will gradually begin the scamming process. That is how most scammers operate. Before investing, it is preferable to choose a reputable and well-recommended forex broker.
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