FisherIH Review Is Fisherih.com A Scam Broker

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FisherIH Review: Is Fisherih.com A Scam Broker?

Fisherih.com Review: this is the website of Fisher Investment House, a brokerage that claims to be based in London. Is FisherIH a legit Broker? Read this revealing review to find out important details about this Forex trading company.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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FisherIH mentions that it is a brand name of the Fisher Investment House, a company in the United Kingdom. Forex trading in this region is under the regulation of the Financial Conduct Authority (FCA). When we checked the online register, we found that the broker is not listed among registered companies by the commission. The website is devoid of any mention of license or registration.

Licensed companies are always forthcoming with registration details. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of FisherIH

The broker offers to help manage accounts of traders who do not have the time to trade. They offer cryptocurrencies and this is not unique. Also, clients can make profits by using the referral program. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

FisherIH Trading Platform

There is no proper information on what trading platform is to be used by clients of Fisher IH. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are Bitcoins and nothing else. This will be unsatisfactory to many traders because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads are not disclosed.

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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on FisherIH

Deposits are said to be payable in USD, EUR or in any local currency via credit card or wire. Nothing is said about withdrawal methods. We do not feel assured by these limited transaction options because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $5000 is required to start trading with this broker. We find that this is much higher than the obtainable average of $100 to $250 usually required by many other brokers. Withdrawals are closed for managed accounts and an inactivity fee of 30% the account balance if traders do not trade within 30 days.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FisherIH Licensed?

No. FisherIH is not a properly licensed and registered broker. The FCA does not list it among regulated brokers in the UK.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Blacklisted in Belgium

The Belgium financial watchdog, the Financial Services and Markets Authority (FSMA) warns citizens to avoid this broker.

Support

To contact the broker or a representative of the customer care, dial +44 20 36 954 674 or email at [email protected]m.

Conclusion

Fisher IH is not licensed to trade in the UK and it claims to be located there, thus we give it a low rating. Further, it Is blacklisted in Belgium and demands a very high minimum deposit. MetaTrader platforms are not provided and transaction methods are limited. The broker also applies many withdrawal rules and charges that make traders uncomfortable. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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FisherIH review – Is fisherih.com scam or good forex broker?

FisherIH says to be offering “a simple solution to all your trading needs via a simple managed account”. And they seem to be focused on the crypto currency market, talking about investment opportunities in coins like Bitcoin, Ethereum, Ripple, Monero, Ethereum Classic, Bitcoin Cash, NEM and Dash, with a choice of five account types, leverage as high as 1:400 and a web based trading platform.

Account type Min. deposit Max. leverage Spread s
Standard Account $5000 1:200 n/a
Silver Account $25 000 1:200 n/a
Gold Account $100 000 1:300 n/a
Diamond Account $250 000 1:400 n/a
VIP Account n/a n/a n/a

As attractive as all of this may sound, be aware that FisherIH is not a regulated broker, and what is worse, the website is already blacklisted by the financial authorities in Belgium as a potential scam.

FisherIH Advantages:

We always try to come up with any possible advantages a broker might offer its clients in the beginning of our reviews, and yet with FisherIH, apart from the generous leverage, we were not able to single out anything positive.

FisherIH Disadvantages:

Not regulated, flagged as a potential scam by FSMA

Although FisherIH says to be based in the UK (according their official contact address) the company behind the broker – CCAI Limited – is base offshore on St. Vincent and the Grenadines. And this would not have been a problem by itself, if they were regulated, let say, by the Financial Conduct Authority (FCA) in the UK or another EU regulator, as all legit brokers, targeting customers in Europe should be.

Unfortunately FisherIH does not have a license whatsoever, and what is worse, they appear to be blacklisted by the Financial Services and Markets Authority (FSMA) in Belgium, as a potential scam broker.

So, our general advise is to trade only with brokers, regulated by official financial institutions, such as FCA, with which you will even get an additional protection from a client compensation fund, covering the first 85 000 GBP in your account. Here you may check our list of brokers, regulated in the UK:

Market maker offering managed accounts

As we already noted FisherIH promises to take care of your trading account – you just need to deposit at least 5000 USD and seat back and watch as your account grows. See for your self:

We have a problem with that. As virtually all forex and CFD brokers, legit ones including, FisherIH is a market maker, which means they make money whenever traders lose. So if a market maker offers to manege your account, they will clearly be in a conflict of interest as they will have an incentive to “lose” your money in their own pockets.

Unusual withdraw conditions and fees

In their Terms and Conditions FisherIH wants you to agree that you will not be able to withdraw your funds, while they are being “managed” – see for your self:

Bear in mind that no legit broker will ever impose any restrictions on your right to withdraw your own money.

On top of that FisherIH say they will “reserves the right to charge you for canceling your FisherIH Account”, without specifying what that charge might be, as well as to charge you an inactivity fee if you have not met “a trading volume of at least 30% of the total amount in the account (leverage not included in the calculation) in a 30 day period”. See for yourself:

Excessive minimum deposit requirement

To ask for a minimum deposit of no less than 5000 USD is simply ridiculous. Bear in mind that most brokers usually require about 250 USD, while some big names like FBS and IG will let you start trading with virtually 5 USD or even less.

Skrill not accepted as payment method

FisherIH says they accept payments with bank wire, bitcoins and credit cards like VISA and MasterCard, but not e-wallets like Neteller and Skrill, and that is also notable as well, because of the new anti- scam policy of money transfer company, according which Skrill partners only with regulated brokers. As we already noted FisherIH is not licensed and regulated. Here you may check our list of brokers, accepting payments with Skrill:

FisherIH is an obvious scam. They are not regulated, they offer managed accounts while acting as market makers, and they have been blacklisted by the financial authorities in Belgium. Our best advise here is to trade only with properly licensed brokers, like the ones authorized by the FCA in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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