Grow SMSF has no relationship with FosterHart. We understand they may have told people they are partners, have a referral relationship, or otherwise recommended Grow's services.
Overview of FosterHart
FosterHart (https://www.fosterhart.com/) presents itself as an online trading platform specialising in Contracts for Difference (CFDs) for assets like cryptocurrencies (e.g., Bitcoin, Ethereum), stocks (with zero fees and fractional shares), commodities (e.g., gold, oil), forex (e.g., EUR/USD), and indices (e.g., S&P 500).
It promotes features such as MetaTrader 5 for analysis, a WebTrader platform, a mobile app, real-time quotes, and high security (e.g., encrypted databases, 99.99% execution reliability). The site emphasises "simplifying success in every trade" and multilingual support, but it lacks key transparency elements.
Key Red Flags Indicating a Likely Scam
Based on an analysis of the website and external sources, FosterHart exhibits multiple hallmarks of a fraudulent trading platform.
These align with common patterns in investment scams, such as fake broker sites that lure users with promises of easy profits before vanishing funds. Here's a breakdown:
Aspect | Details | Why It's Suspicious |
ASIC Moneysmart Warning | First added 07/08/2025
| This is a significant red flag. |
Traderknows rating | Fosterhart has a rating 0.19 out of 5. | |
Scamadviser | fosterhart.com is marked as suspicious.
| This website receives few visitors.
We determined that this very young site has a very high number of reviews.
This website has only been registered recently.
We could not analyse the content of the site |
Regulatory Status | No mention of registration with any financial authority (e.g., SEC in the US, FCA in the UK, ASIC in Australia, or CySEC in Europe). Legitimate CFD brokers must be licensed by a reputable regulator to operate legally. | Unregulated platforms can manipulate trades, refuse withdrawals, or disappear without recourse. Scammers often operate from jurisdictions like offshore islands to evade oversight. |
Company Information | No physical address, phone number, email, or team bios provided. Claims of being "award-winning" but no evidence (e.g., no award names or dates). | Transparent brokers list verifiable details. Anonymity allows scammers to hide identities and avoid accountability. |
Testimonials & Proof | No user reviews, case studies, or independent verification on the site. External searches for "FosterHart reviews" yield no legitimate user feedback. | Real platforms have third-party endorsements. Absence suggests fabricated claims to build false trust. |
Promises & Risks | Phrases like "simplifying success" and "unlimited trading opportunities" imply low-risk, high-reward trading. CFDs are inherently high-risk (most retail traders lose money), but no risk warnings are prominent. | Scammers downplay risks to entice deposits. Legitimate sites must disclose that 70-80% of retail CFD accounts lose money. |
External Reports | A dedicated scam alert labels it a broker scam. No positive mentions in financial news, forums (e.g., Reddit, Trustpilot), or social media. Semantic searches on X (formerly Twitter) for related discussions return no credible endorsements—only generic scam warnings. | Lack of online footprint for a supposed trading firm is unusual. Established brokers have active communities and regulatory filings. |
Common Scam Tactics Matching FosterHart
This fits the profile of a "fake broker" or "investment platform scam," where:
- Users are encouraged to deposit via crypto or wire (hard to reverse).
- Initial small withdrawals may succeed in building confidence, but larger ones fail.
- Platforms mimic legit sites (e.g., using MetaTrader branding without authorisation).
- No independent audits or partnerships with real exchanges.
Similar scams have defrauded millions globally, often targeting novice traders via ads or social media.
Recommendations
- Do Not Engage: Avoid depositing money or sharing personal/financial details. If you've already interacted, monitor accounts for unauthorised activity.
- Verify Independently: Use tools like BrokerCheck (FINRA) or the SEC's investor.gov to check any claimed affiliations—FosterHart won't appear.
- Report It: File complaints with the FTC (ftc.gov/complaint), IC3 (ic3.gov), or your local financial regulator. If in the US/EU, also alert the CFPB or equivalent.
- Protect Yourself: Stick to regulated brokers (e.g., via FCA, ASIC or SEC lists). Research via neutral sites like Investopedia before investing.
In summary, FosterHart lacks the transparency and verification of a legitimate broker, strongly suggesting it's a scam designed to steal funds. Proceed with extreme caution or steer clear entirely.