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FRAAR Broker Review:High Risk(Suspected Fraud)

2023-12-19

FRAAR is a broker registered and established in the United States. This article will conduct a comprehensive evaluation of FRAAR from the dimensions of enterprise entities, domain name registration, regulatory licenses, enterprise employees, transaction software, and transaction varieties.

FRAAR Overview:

FRAAR's registered business entity in the United States is FRAAR LTD, with its registered address at 1700 Broadway, Denver, CO, United States.

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Domain Registration of FRAAR:

As of October 17, 2023, it has been established for just seven months. According to the information found by Whois, the official website domain name of the broker was registered on March 20, 2023.

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Is FRAAR legit or a scam? Does FRAAR have any regulatory licenses?

According to public information on its official website, FRAAR LTD is a financial service provider registered and regulated by the Financial Crime Enforcement Network (FinCEN) in the United States. After investigation, the entity was registered with FinCEN on March 20, 2023 and was authorized on the same day. But in fact, FinCEN's mission is to "protect the financial system from illegal use, combat money laundering and related crimes (including terrorism), and promote national security through the strategic utilization of financial authorities and the collection, analysis, and dissemination of financial intelligence." It does not regulate foreign exchange transactions and economic operations. That is to say, FRAAR LTD's forex trading and brokerage business has not been effectively regulated.

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Employees of FRAAR:

The official website of FRAAR does not disclose information about its employees, and Traderknows has not found any information about FRAAR's employees on public networks. This also indicates that the transparency of FRAAR is not high.

Trading Software Provided by FRAAR:

The official website of FRAAR claims on its trading account page that it provides users with MT4 and MT5 trading platforms, but after checking, there is no relevant information about FRAAR or FRAAR LTD on the MT4 and MT5 trading platforms, which is false advertising. In fact, the broker provides users with its self-developed FRAAR LTD Mobile App.

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Online Reputation and Client Complaints:

Traderknows found evaluations of FRAAR on other social media :

  1. One social media outlet claimed that FRAAR lacks effective regulation, has low website traffic, and has a relatively short registration and establishment period.
  2. Multiple investors on another platform have given negative feedback on FRAAR. Some netizens claim that FRAAR is a high-risk brokerage firm, while others claim that their funds at FRAAR are not guaranteed and will take a long time to be withdrawn.

Based on the above situation, Traderknows recommends that investors prepare for inquiries in advance before cooperating with FRAAR.

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Trading Products Provided by FRAAR:

FRAAR offers a variety of trading products to meet the needs of traders. The following is a detailed description of the trading products provided by FRAAR:

  1. Foreign exchange trading: FRAAR provides traders with foreign exchange trading, enabling them to participate in global currency markets.
  2. Index trading: FRAAR provides index trading, where the index represents a basket of stocks in a specific market or industry. By trading indices, traders can infer the overall performance of the market or industry, rather than trading individual stocks.
  3. Energy commodity trading: FRAAR provides energy commodity trading, including crude oil and natural gas. Traders can take advantage of price fluctuations in the energy market to participate in this important area of the global economy.
  4. Precious metal trading: FRAAR allows trading of precious metals such as gold, silver, platinum, and palladium.
  5. Soft commodity trading: FRAAR provides trading of soft commodities such as agricultural products, including wheat, corn, soybeans, coffee, and sugar.
  6. ETF trading: FRAAR provides exchange traded funds (ETFs) for trading, which are investment funds traded on securities exchanges.
  7. Stock Contract for Difference (CFD) trading: FRAAR provides CFD stock trading for companies from different regions, including the United States (US), United Kingdom (UK), European Union (EU), and Hong Kong (HK).
  8. Bond price difference contract trading: FRAAR provides bond price difference contract trading.
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Contact Information:

Investors can only contact FRAAR through email.

Conclusion:

FRAAR deliberately confuses the public, its business is not effectively regulated, and on its official website trading account page, it is found that the broker clearly stated that their trading account uses the MT4/MT5 trading platform, but in fact, there is no information about the broker on MT4/MT5. FRAAR uses a self-developed trading platform. And the investors can only contact through email without any other contact information, which may cause inconvenience in communication. Traderknows recommends investors to choose trading platforms with strong supervision, stay away from FRAAR, and avoid losses to their own assets. At present, the broker is flagged as "Suspected Fraud " on Traderknows.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Ponzi Scheme

Ponzi scheme is a type of financial fraud model that promises high returns and pays early investors with the funds from new investors, ultimately leading to losses for the majority.

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