FlareGain Review | The formula for success or a Scam?

The formula for success in the financial markets with FlareGain is simple: your goals plus the company’s professional support. However, can you really trust your money with a broker that lacks a government license but instead holds an unclear certificate from an unknown regulator called Crypto Service Authority? Despite having offices in the UK, Austria, and Singapore, the platform is not regulated in these jurisdictions. Online reviews are infrequent, so the task of our review is to determine whether the platform is safe or involved in a scam. If you are interested, please join us.

Highlights

First Impression of Flaregain.io

The official website is not overly complex. Navigation is straightforward, with standard sections on trading conditions, money transfer methods, legal documents, and contacts at the top. However, it can also be said that the firm uses familiar templates without creating anything new or unique.

The design is simple – a combination of white and blue colors with stock images taken from the internet. Most of the text lacks meaningful content and appears to be added for the sake of volume rather than quality and usefulness. FlareGain provides minimal information about itself, as there is no “about us” section on the website.

The site does not support translation into other languages, only English. There is a small risk warning in fine print in the footer. There is not much more to comment on. Clearly, it is a templated and uninspiring resource.

Partnership and Bonuses

Clients can receive deposit bonuses but under specific conditions. Traders need to generate trading turnover in lots exceeding the bonus amount by 7 times. For example, if a user receives a $200 bonus, they need to make a turnover of 1400 lots. Only after this can a withdrawal of funds be possible. Is it necessary to comment on the absurdity and complexity of such conditions?

It appears that the broker does not have an affiliate program, which is quite unusual to see because such a tool is an excellent way to attract new clients and incentivize existing ones.

Account Opening on Flaregain.io

Creating a personal cabinet begins with a straightforward registration. The broker asks for the following details:

• Name and Surname.
• Country.
• Phone Number and Email.
• Password.
• Consent to the Terms of Use (trader must be of legal age).

After creating an account, the Webtrader opens immediately, rather than a separate client portal. Embedding the personal cabinet within the platform is not only inconvenient and impractical but also unsafe. By the way, FlareGain does not send any emails to registered email address, which is also a significant security drawback for the broker.

In the dashboard, traders can perform standard operations: update personal information, view transaction history, manage accounts, upload documents for KYC, deposit funds, and make withdrawal requests. However, it’s worth noting that the broker does not offer a demo account.

Verification

The verification process at FlareGain is mandatory. The firm claims it will securely store the provided documents and information, but we recommend not rushing to upload documents and first ensuring the reliability of the intermediary.

Documents can be uploaded to the Verification Center within the client portal. Judging by this section, the broker requires four documents:

1. Proof of identity.
2. Proof of residential address.
3. Photo/scan of a bank card. It is important to conceal CVV and the first 12 digits.
4. Proof of payment.

Trading Software

The trading platform at FlareGain is a regular WebTrader taken from the popular service TradingView. Consequently, the platform offers tools for graphical and technical analysis, Elliott Waves, Fibonacci levels, indicators, various timeframes, and several types of charts. For each asset, there is basic information: market hours, swaps, spread type, minimum and maximum volume, and other data.

Apart from TradingView, there is an alternative – the classic terminal interface. In general, the classic chart does not differ from the one taken from TradingView. When considering the platform’s capabilities, they are somewhat limited. Many advanced options and features are missing, such as auto-trading. However, you can highlight functionality for copy-trading under the name “Social Trading”. There are also pending orders, including stop-loss and take-profit, but there is no market depth and open interest. There is no separate smartphone application, but the software is adapted for mobile browsers.

How Can I Trade With FlareGain?

The range of additional services and features depends on the chosen tariff plan. Let’s take a closer look at the types of accounts available to clients.

All Info About Accounts

FlareGain offers 7 types of accounts:

1. Standard. The minimum deposit is $250. It includes a formal presentation of the platform, a personal account trainer, and standard leverage.
2. Bronze. Requires a minimum of $3,500. This account comes with bonuses, educational materials for beginners, and one insured trade.
3. Silver. Starting from $10,000. It offers more advanced educational materials, a personal financial plan, and platform financing.
4. Gold. From $25,000. It provides the same features as the Silver plan but at a more advanced level.
5. Platinum. The minimum deposit is $50,000. It adds signals, notification systems, access to mutual investment strategies, trading updates, and relevant economic news.
6. Pro. Starting from $100,000. This plan offers premium-level conditions.
7. VIP. Tailored strategies for VIP clients and access to a personalized specialist for all trading needs.

The trading conditions do not resemble those of a reputable and secure broker but rather resemble those of a fraudulent company. It is characteristic of illegal firms to offer customers such a variety of account types with gradually increasing minimum deposits and the addition of new services. FlareGain aims to extract more money from its clients by offering more attractive features on higher-tier accounts. This principle can be termed as “pay more to get better.”

It’s also worth noting that the $250 minimum deposit is a common marker of a scam broker, as such companies often have this threshold for the initial deposit. Furthermore, the absence of an Islamic account and a lack of information regarding commissions and spreads are noticeable. The project conceals many important conditions.

Market Analysis and Education With Flaregain.io

In addition to the described features in the account types, customers have access to a news feed in the client portal, basic information about asset classes, and a glossary. However, the broker does not offer an economic calendar, a calculator for order parameter calculations, or other useful tools.

Deposit, Withdrawal, and Fees

FlareGain provides a limited set of options for money transfers: only credit/debit cards and bank wire transfers are supported. Electronic payment systems and cryptocurrencies are not supported, even though many competitors offer such options. Processing time for withdrawal requests appears too long, up to 1-5 business days, and the broker reserves the right to extend the processing of withdrawal requests. There is no information provided regarding commissions.

How Can I Contact It?

The broker has three offices in different countries, and it lists three different phone numbers: Austrian, British, and Singaporean. Additionally, FlareGain provides an email address and nothing more. There are no social media accounts or online chat.

It’s worth noting that the email is for technical support inquiries, although it is common practice for brokers to have multiple addresses for different tasks, such as the finance department, customer service, and so on.

Is FlareGain Dangerous?

Looking at the trading conditions, one might suspect the fraudulent nature of the broker, as such conditions are often offered by illegal firms. Negative factors include the primitive web platform and the absence of a demo account. However, at this point, we cannot definitively conclude that it is a scam. Therefore, let’s further examine the operating period and legitimate status.

How Long Does The Broker Work?

For unknown reasons, the firm does not disclose its founding date. Perhaps there is something it wishes to hide? Determining approximately when the broker was founded is easy – based on the domain of the official website. The domain of the official website was registered on September 22, 2023. Additionally, there is the issue of a limited number of online reviews, which strongly indicates a short operational history for FlareGain.

How Is FlareGain Regulated?

The official website provides a link to the registry of the little-known regulator Crypto Service Authority – https://cryptoservauthority.com/companies/flaregain/. This link shows that the broker was registered with CSA on April 4th and has a compensation fund of €100,000. However, that regulator raises serious suspicions. The domain of its website was registered in May 2023, and even more intriguing is its fake email address. Google provides no information about this financial commission. Moreover, why would it be associated with crypto when it supposedly oversees the activities of forex brokers, not cryptocurrency exchanges?

The clear conclusion is that the regulator does not exist. Did FlareGain invent this financial pseudo-commission themselves or borrow it from somewhere? It doesn’t matter. Let’s also check if the company holds licenses from government regulators in the jurisdictions where its offices are located.

The Financial Conduct Authority has no information about the company, even though any British broker should obtain such a license. However, what’s even more interesting is the absence of FlareGain in the Companies House legal registry. It indicates that the information about the address in the UK is fake. Such an organization simply does not exist there. We didn’t bother checking Singapore and Austria because there is already enough fake data concerning England to conclude that it is a scam.

Now back to the issue of the freshly minted domain. It is common practice among scammers to close their sites and move on to new ones when regulators and other authoritative bodies get on their tails. And so it is here. On January 18, 2024, Canadian Securities Administrators issued a warning to investors about FlareGain. Once on the regulators’ radar, the cheaters didn’t hesitate. Within three days, they had a new domain name. Voila.

Frequently Asked Questions (FAQ)

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Expert Opinion

These cunning scammers! They invented a non-existent regulator, issued a license to themselves, and proudly displayed it everywhere. It might sound amusing, but experienced traders are not fooled by such tactics, though newcomers may be susceptible. The absence of a license, a 100% B-book model, and many other red flags are serious negative factors that should be investigated before depositing funds, not after. By the way, about the minimum deposit. Why do all scammers like to set such a sum as the minimum? Well, it’s time to wrap things up. FlareGain is 100% a scam; don’t trust scammers, don’t invest your money here, and always watch out for such red flags.