FlareGain

The scam broker FlareGain has made all sorts of promises to attract clients and their funds. According to their claims, they will provide traders with assistance in improving their trading skills, offer professional support in account management and trading, and propose a flexible selection of payment methods. All of this is said to be delivered with the highest level of reliability and security. However, the platform’s creators have failed to be convincing. Experienced traders can easily see that dealing with the company is not advisable. For those who cannot or do not want to figure it out on their own, our review will help.

Overview of FlareGain

A trader’s choice of a broker typically starts with a thorough examination of all available information. The starting point in this process is getting to know the company’s online resources. Let’s begin our review in this way.

Broker History

Many users initiate their acquaintance with a company by exploring its history. They tend to trust brokers with a solid track record in the market who can share their achievements and awards. Hence, legitimate platforms aim to provide such information.

However, scam projects face challenges in this regard. Firstly, they have short lifespans and cannot share their creation and development story. Secondly, such information is easily verifiable, and a fabricated history is quickly exposed. Therefore, most illegitimate platforms completely avoid publishing such details. FlareGain follows this approach: there is no mention on the broker’s website about its start of operations, significant dates, or plans.

Flaregain.io Website

The official website of the broker doesn’t exactly leave you in awe. Its design could be appreciated, but it’s challenging to view it positively when there’s an overwhelming amount of images, and almost 100% of them carry no meaningful content. The organization of the website and the navigation system do leave a decent impression. However, it’s not a great success, considering the primary optimization method was to minimize the number of website pages. For instance, some essential pages that visitors are accustomed to seeing on quality websites, such as the About Us page, FAQ, and several others, are entirely absent.

The content is also subpar. For example, the Products page dedicates only a few words to each group of trading assets, and there’s no useful information, such as contract specifications. Traders typically expect to find:

• Latest market news.
• Economic calendar.
• Non-trading operation terms.
• Detailed risk disclosure.
• Conflict of interest disclosure and resolution methods.
• Dispute resolution methods, and more.

However, FlareGain appears to believe that all of this is unnecessary, and that potential clients can evaluate how good the broker is based on promotional statements alone.

Let’s reveal a troubling secret to the web developers: their creation merely elicits bewilderment and, at times, irritation from experienced traders. This half-baked website is entirely incapable of attracting users.

Nevertheless, we understand that scammers don’t need much more than this. Their goal is to establish an online presence, tempting future clients, most of whom are newcomers to the market, to open and fund accounts in FlareGain through other means.

Registration Process and Personal Account

Registration of a new client is organized similarly to the vast majority of scam brokers and differs from the process characteristic of regulated platforms. To obtain an account, a new client needs to fill out just a few form fields.

You only need to provide:

• First and last name.
• Country of residence.
• Phone number and email.
• Password for authentication.

It is also required to confirm that the user is over 18 years old and has read and agreed to the Terms & Conditions and Privacy Policy.

In contrast to the registration process with legitimate brokers, with FlareGain:

• Less personal information is required. For instance, the trader’s date of birth and address are not requested.
• There is no option to review the full Risk Disclosure. A couple of sentences placed in the website’s footer cannot be considered a comprehensive notification, but there is no more detailed document available, which contradicts the requirements of the majority of regulators.
• There is not even partial verification of contact information.

In short, there is no talk of the much-touted safety that the firm promised. The owner of the newly created account immediately enters the client’s workspace, which combines the functions of a personal cabinet and a trading platform, which is also a highly questionable security decision.

The functions of the personal cabinet are located in a dropdown menu at the top right of the screen. It may seem that FlareGain specialists have tried to implement everything necessary for account management, including:

• Editing personal data (by the way, some of the data that was not requested during registration, including the residential address, must be added here).
• Changing security settings.
• Data verification, both personal and payment-related.
• Account funding and withdrawal request.
• Viewing transaction history.
• Connecting to social trading.

However, there are no features for checking contact data here. Additional security options, like 2FA, are also missing. In short, the broker’s touted new technologies, guaranteeing reliability and security, turned out to be nothing more than a beautiful legend. In practice, not even old and proven technologies are utilized.

However, for scammers, this is a typical approach. Their goal is to get clients’ money into their accounts, which we are sure, do indeed have proper security. What will happen to the virtual numbers in  trading accounts is unlikely to be their concern.

Trading Platform

The trading platform looks quite good. However, the main credit for this is not due to the developers of this company. The bulk of the work was done by the creators of TradingView, whose product forms the basis of the terminal.

All that remained for FlareGain employees was to build the interface around the widget. However, they couldn’t quite accomplish this flawlessly. For instance, you can’t open several charts in the main window, which significantly complicates the work for portfolio investors and scalpers opening short-term trades with multiple assets.

The appearance of a category such as “Cannabis” in the market review (list of trading instruments) is also somewhat perplexing. It seems that such a commodity has not yet appeared on commodity and raw material exchanges, and a separate market for trading in cannabinoids has not been organized. So, one must understand this as a somewhat strange joke by not-so-bright employees. We even think that this was done with the approval of the project administration to attract the attention of young traders who are inclined towards everything unusual.

Contacts

On the contact page, the following information is provided:

• Support email: support@flaregain.io.
• Phone numbers in the United Kingdom: +442039894267, Austria: +4368120415801, and Singapore: +6531596907.
• Office addresses: Euston Road, NW1 3DP London, UK; Wienerbergstrasse, 1100 Vienna, Austria; Marina Bay Financial Centre Straits View, Singapore 018984.

We are confident that all the information, except for the email, pertains to rented virtual offices. This is indicated by the absence of office/room numbers in the addresses. Scammers find this affordable (around $200 for each), but it gives FlareGain a solid appearance.

Analysis of Services Offered by FlareGain

When choosing a broker, one of the key criteria for traders is the trading conditions and accompanying services offered by the broker. This one, however, does not seem inclined to provide information about them.

Funding and Withdrawal

The official website dedicates an entire section in the main menu to funding and withdrawal, known as “Banking.” However, the useful information here is limited to the list of payment methods. The broker uses transfers from bank accounts, debit, credit, and prepaid cards, and e-wallets. Important details such as minimum and maximum transaction amounts, transaction times, and commission fees are left for traders to figure out on their own during trading.

We hoped to find at least some details in the personal account. However, we encountered a surprise there. Instead of a payment form, we received a message stating that the payment system is inactive.

To determine the cause of the issue, you can likely reach out to the support team. The employees will likely be eager to resolve it and may try to persuade you to make a large transfer. This method is quite common for scammers and holds no surprises on this platform.

Trading Conditions

FlareGain takes an original approach to publishing its trading conditions. The broker offers a total of 7 types of accounts.

The list includes the following tariff plans:

• Standard.
• Bronze.
• Silver.
• Gold.
• Platinum.
• Pro.
• VIP.

The only noteworthy figure in their descriptions is the minimum deposit amount. It becomes clear to the trader that they can start with 250 units of the account’s currency and reach VIP status for 250,000.

By the way, FlareGain forgot to mention in which currency their accounts are denominated. We still hope that they use something widely recognized like the US dollar, euro, or British pound, and not some obscure currency.

The rest of the trading conditions, as presented by FlareGain appear to be quite puzzling. For instance, regarding leverage, the description for the Platinum account simply says, “Utilize Platinum-Level Leverage Trading.” This is the case for other tariff plans as well. However, the broker has not taken the time to explain what Gold- or Platinum-Level Leverage means.

No other important account characteristics are provided. The options presented in the tables are designed to attract those who seek easy profits without the desire to learn how to trade. In short, it appears to cater to gullible clients (or rather, scammers).

Is FlareGain Trustworthy and Reliable?

We have already seen that the broker widely employs methods typical of scammers. We no longer believe in its honesty, but we will make a thorough effort to verify all official information about the platform.

Assessing Legitimacy

FlareGain does not provide any information about its registered address. However, on the contacts page, there are three addresses in different countries. Could the company be registered in one of them?

A search on Companies House in the United Kingdom yielded no results. The company could not be found in the registers of Austria and Singapore, either. However, when carefully reading the Terms & Conditions, it becomes clear that time could have been saved on such checks. After all, it’s highly unlikely that a legally registered entity would describe itself as follows: “The first party is www.flaregain.com (hereinafter referred to as “Company”)…”.

It turns out that in the Agreement, one of the parties is the website itself (which calls itself a company). Overall, it looks quite unique: an agreement between the software code (the website, specifically) and the user. It would be interesting to see which court would consider a dispute based on such a contract.

Naturally, no regulator would issue a license to software code. FlareGain, however, mentions regulation by The Crypto Service Authority on its website. Well, this pseudo-regulator is just as real as the broker itself. It lacks a registered address and legal entity. So, what kind of regulation and licensing are they talking about?

Established Track Record

Now, all that remains is to find out how long FlareGain has been in the business of targeting traders’ funds. Let’s check the registration date of the broker’s domain to assess its time of existence.

According to the whois service, the broker’s domain was registered on September 22, 2023. As of the review’s writing, a month and a half has passed since that date. It seems that the broker is actively seeking clients right now. Traders should exercise caution and ignore any offers coming from it. Please note that owners switched to a new domain, flaregain.io.

By the way, the pseudo-regulator Crypto Service Authority claims to have registered FlareGain on April 4, 2023, which is half a year before the project appeared online. This clearly indicates that their certificates are deserving of absolute trust (sarcasm, in case anyone missed it).

Implications for Traders

When it comes to FlareGain, there can be no doubt – it’s a scam project, and investing in it will likely result in losing your money. This is indicated by the lack of registration, a fake license from a bogus regulator, and unreliable information for traders. Do not take the risk, and do not transfer your funds to scammers.

Strengths and Weaknesses