FlareGain Review: A Platform for Newcomers and Experienced Traders or SCAM?

FlareGain brands itself as a platform catering to both newcomers and experienced traders, claiming that its unique approach enables success in the realm of investment. However, we cannot merely take these bold promises at face value, and we are embarking on our own investigation. Is this broker a reputable one, or is it a potential scam? Read on in our brief review to find out.

FlareGain General Information

Website	https://flaregain.com/, https://flaregain.io/
Phone Number	+442080970636
Email	support@flaregain.com, support@flaregain.io
Address	Euston road, NW1 3DP London, UK
License	—
Minimum Deposit	$250
Assets	CFDs
Leverage	—
Trading Platform	WebTrader

Registration and Client Portal Review

FlareGain’s official website is rather minimalist and understated. We’ve noticed an appealing background and a lack of excessive image inserts. It’s noteworthy that the site is available only in English. We’re also somewhat puzzled by the limited legal information provided. However, we’ll delve into this aspect as we proceed. On the downside, the website appears to contain an abundance of self-promotion and marketing content.

Registration with FlareGain is remarkably straightforward. You only need to complete a single, small form with your personal information and contact details, including your email and phone number. You’ll also need to create a password. Right after filling out this form, you’ll gain access to the client portal. No email or phone number confirmation is required. This ease of registration can be problematic because it may allow for a lack of identity verification and potentially attract users who prefer to remain anonymous or engage in fraudulent activities. This can pose a risk to the platform’s integrity and the security of its users.

The client portal is combined with the trading terminal. While the platform offers standard functionality, we are not particularly fond of the decision to merge the trading software with the dashboard. This combination can be inconvenient and potentially unsafe for a few reasons.

First, it increases the risk of distractions and errors for traders who might be navigating the dashboard while simultaneously managing their trades. Separating these functions usually leads to a more focused and less error-prone trading experience.

Second, any security vulnerabilities in one part of the platform could potentially affect the other. By keeping the dashboard and trading terminal separate, it’s possible to isolate security measures and protect them differently, providing an additional layer of defense against cyber threats.

FlareGain Trading Conditions

It doesn’t make a strong impression as a top-tier broker at the moment. Let’s continue our exploration to see what else it has to offer.

Account Types Review

FlareGain offers a total of seven account types, with a minimum deposit starting at just $250. However, these basic accounts come with significantly limited services, typically offering only a personal account manager and a basic level of leverage. In the higher-tier accounts, traders can access trading bonuses, insured trades, personal financial plans, and premium customer support. As you progress to higher account statuses, the required deposit increases significantly, reaching up to $250,000. This approach, where the best services are reserved for premium clients, may not be entirely fair.

Traders with smaller accounts may feel left out or disadvantaged, and it could discourage them from growing their accounts or engaging with the broker. Ideally, a broker should offer a consistent level of service and support to all of its clients, regardless of their account size.

Trading Platform

FlareGain’s trading platform leaves much to be desired, as it offers only a web-based trading option. Unfortunately, there’s no downloadable desktop application or mobile app available. This lack of versatility is a significant drawback, as traders often prefer the convenience of a mobile app for trading on the go or a dedicated desktop platform for more advanced functionalities.

The web-based platform itself offers only basic features and standard trading tools, lacking the depth and customization options that experienced traders typically seek. It provides only a limited selection of basic technical indicators, which may not be sufficient for in-depth technical analysis. In summary, the platform is quite underwhelming.

FlareGain — Deposit and Withdrawal of Funds

The broker offers a variety of deposit methods, including credit and debit cards, as well as prepaid cards. They also accept bank transfers and electronic wallets.

Regarding withdrawals, the processing time can vary, ranging from 1 to 5 days. It’s essential to note that the company reserves the right to delay the processing of withdrawal requests in case any issues or discrepancies arise during the withdrawal process.

Verification

FlareGain provides an option for users to undergo a verification process as part of their services.

1. Users are required to provide a copy of their government-issued identification, such as a passport or driver’s license. This helps the platform confirm the identity of the client.
2. Users may be asked to submit proof of their residential address, which can include utility bills or bank statements.
3. Verification may also extend to the payment methods used for deposits and withdrawals. Traders may need to provide copies of their credit cards or bank account details, ensuring that the funds are coming from legitimate sources.

The verification process aims to enhance security and compliance with regulatory standards while also reducing the risk of fraudulent activities on the platform.

Additional Options

Managers offer various additional options, including what seems to be a range of analytical materials and deposit insurance. However, there are concerns associated with these features.

When it comes to analytical materials, it’s unclear who provides these analyses. The platform does not disclose the identity or qualifications of the analysts, making it challenging to assess the reliability of the information provided.

Regarding deposit protection, there’s a fundamental issue to consider. In the real financial markets, there is no guaranteed deposit protection. Traders face the inherent risk of either making a profit or incurring losses. This suggests that FlareGain may operate on a dealing desk model, where orders are not necessarily routed to the interbank market.

Therefore, while the platform may offer these features, users should exercise caution and carefully consider the implications and limitations of these services.

Is FlareGain a Scam?

The trading conditions have left us less than impressed, especially when compared to the broker’s initial promises. We are cautiously examining what clients can realistically expect in terms of security on this platform.

Legal Information and License

One aspect that raises concern is the lack of clear information regarding the company’s registration. The agreement provides no legal details, and the presence of three different addresses in the contact section further adds to the confusion. To make matters more concerning, FlareGain is not registered in any of the countries mentioned in the contact information.

The broker claims to have obtained membership in the so-called Crypto Service Authority. However, it’s crucial to understand that this regulator is far from reliable. It is neither a state authority nor affiliated with any specific country, rendering any licenses or approvals it grants as dubious and lacking real regulatory oversight.

Flaregain.io Domain Info

The project also happens to be a broker with limited operational experience. For instance, domain checks reveal that it was created as recently as September. This short track record raises concerns, as it indicates that the broker lacks a substantial history in the financial industry. Such a brief period of operation can make it challenging to evaluate a broker’s reliability, trustworthiness, and stability, as it hasn’t yet stood the test of time or market fluctuations.

This article has been updated. The previous domain hasn’t expired yet (it’s now summer 2024), but the owners have already registered flaregain.io and moved to it. Beware!

Contacts Review

FlareGain has provided several phone numbers, an email address, and office addresses as their contact information. However, given that the company is not officially registered in these countries, it is highly doubtful whether these offices genuinely exist or if anyone is there to welcome you with open arms.

Pros and Cons

Frequently Asked Questions (FAQ)