AFX Markets Onlinewww.afxmarketsonline.com
Reason to avoid: Offshore license
Listed Date: October 4, 2018
Top 3 Regulated Forex Brokers
Beware AFX Markets Online is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Blue Isle Markets Inc.
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
AFX Markets Online is an online broker providing trading services by offering various accounts types, trading software and tools to enable individuals and institutional investors to trade Forex and CFD’s on indices, metals and energies. The company is owned and operated by the offshore-based Blue Isle Markets Inc. located in the St. Vincent and the Grenadines. Despite its offshore registration, the company is located in Johannesburg, South Africa.
Many brokerages operate without regulation in offshore jurisdictions such as St. Vincent and the Grenadines, the Marshall Islands, Seychelles. One of the major reasons that these brokers choose to forego regulation is to cut their operational costs. Another reason is that those brokers are basically not regulated by any authority. That’s why we recommend to avoid trading with offshore-registered brokers.
Licensed brokers, on the other hand, overseen by a well respected financial institution, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) offer traders sufficient security for their investments.