Reason to avoid: Offshore license
Listed Date: December 31, 2018
Top 3 Regulated Forex Brokers
Beware AitsFX is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: AITS FX Ltd
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
AitsFX is a Forex and CFDs broker. The company is owned and operated by AITS FX Ltd, registered and licensed by the Financial Services Authority of St. Vincent and the Grenadines. St. Vincent and the Grenadines is a popular offshore zone for the forex brokers as they can be easily incorporated under the countries law. It is even possible to register online without providing the names of the shareholders or directors of the firm. That is why this location is considered to be dangerous, as there are no guarantees that the company is legit. ALso, we should remind that FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.
Also, AitsFX provides the contact number with British phone code, which is a sign that the company has been targeting UK residents, when it is clearly not authorized for providing financial services in the UK. We keep reminding traders that dealing with offshore brokers is quite risky as clients have no protection of their funds and sometimes such entities turned out to be scams. Instead, we recommend choosing among brokers licensed by FCA in the UK or CySEC in Cyprus. Check the list of the FCA-regulated brokers.