Note: Fruitful's official website: https://fruitfulmarketsltd.com/ is currently inaccessible normally.
Fruitful Information
Fruitful is a CFD broker who was registered on July 2024 in the United Kingdom, quite new to the market. However, we got different information about its location: China, UK and the US, we are not sure where does the company locates actually. Product offerings of the broker are forex, stocks, indices, futures, precious metals, energy and trading platform they use is the ST5 platform.
The unavailable website of this broker leaves us uncertain about its operations status. Moreover, the FCA exceeded regulation status and two exposures on WikiFX further exacerbates its credibility and legality.
Is Fruitful Legit?
Fruitful holds an exceeded FCA (Financial Conduct Authority) license with number 6220095. Such regulation status makes the legality of the company in doubt.
Downsides of Fruitful
Unavailable website: Fruitful's website cannot be opened currently, preventing traders to get to know about its background.
Regulatory concerns: The company operates under the FCA exceeded status, meanig that it might not comply to rules of the FCA. This heightens trading risks with them.
Lack of transparency: The limited transparency on trading conditions such as account details, spread, leverage. can hinder traders from making informed decisions.
Negative reports on WikiFX: There are two reports on WikiFX regarding withdrawal issues of this broker, indicating they might be a scam who sets trap for traders to deposit and freeze their funds.
Market Instruments
Fruitful provides access to a diverse array of financial instruments such as Forex, Indices, Commodities, Metals, Futures, etc.
Forex (Foreign Exchange): Forex is the global marketplace for trading national currencies against one another, making it the largest financial market in the world. Popular pairs are EURUSD, CADUSD, USDJPY, etc.
Indices: Indices represent a group of stocks or other securities, providing a benchmark for market performance and allowing investors to track overall market trends.
Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, including physical assets like precious metals, energy products and agricultural products.
Futures: Futures are standardized contracts obligating the buyer to purchase, and the seller to sell, an asset at a predetermined price on a specified future date, often used for hedging or speculation.
Always follow the rule of investment and scatter risks by putting money in different products instead of only one that you are optimistic about.
Account Type
The broker does not disclose any information about its account information: account types, minimum deposit, leverage, spread, etc.
But it does mentioned on the corner of its website that it offers competitive spread and zero commission.
Trading Platform
Though not as widely-recognized as Meta Trader systems, the ST5 trading platform offered by Fruitful is also a relatively popular trading terminal. It features customizable functions, rich charts and a large number of technical indicators for traders to flexibly adjust their trading strategy and plan. Moreover, the platform supports MQL language to creat the Expert Advisor intelligent trading system programs, allowing traders to manage their transactions in an effecient manner.
Deposit & Withdrawal
The broker claims to accept payment by several channels: wire transfers, credit/debit cards, and online payment, etc.
Negative Fruitful Reviews on WikiFX
On WikiFX, “Exposure” is posted as a word of mouth received from users.
Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
As of now, there are two Fruitful exposures on WikiFX, details as below:
Exposure 1. Unable to withdraw funds
An investor from Malaysia reported that a man from Fruitful invited him to make deposit with the company. After several deposits, the man claimed he had made profits but a substantial USD 4190 in taxes need to be paid to the Malaysian government if the investor wanted to withdraw his money.
Exposure 2. Unable to withdraw funds
An investor from the United States said he was deceived by Fruitful. He met the rebating requirement on trading volume and times from the broker, but the broker asked 20% tax payment from the trader when withdrawing money. And police investigated this as a fraud.
Customer Support
Fruitful can only be reached via email and business address. However, per previous record of its website, the company was registered in 2 Murrayfield Road, Norwich, Norfolk, England, NR6 6NQ, which is found to be the address of another Internet company with similar name.
The address 123 Main Street Suite 456 Cityville, State 78901 United States cannot be verified so far, and per customer exposure on WikiFX, the broker seems to target Chinese investors.
Such discrepancies make us very confused and are the obvious features of fraude or scam brokers. You should be extremely careful.
Conclusion
In summary, we suggest traders to stay as far away as they can from possible scam brokers as fruitful. The exceeding of FCA regulations is the first sign of unrealiability. Furthermore, the unavailable website and lack of transparency on its line of services and trading conditions affects overall trading experience and trust in the platform. Two WikiFX exposures further position it as an untrustworthy broker.
Turning to regulated and reputable brokers is wiser choice.
2024-09-08 18:17
2024-08-12 09:05
