Reason to avoid: Offshore license
Listed Date: June 23, 2018
Top 3 Regulated Forex Brokers
- Company name: 100XFX Ltd.
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: $2,000
100XFX is owned by the 100XFX Ltd., a company that seems to be based in UK (judging by the contact telephone number it provides). Although, the firm is not licensed by UK’s FCA or another European regulator. Instead it is located offshoreand registered in the St. Vincent and the Grenadines with a Financial Services. Dealing with a broker which has a St. Vincent and the Grenadines license is risky as it only takes USD 2,000 to get one. Comparing the license from UK’s Financial Conduct Authority, that costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits.