BRFX Trade Review
Reason to avoid: Offshore license
Listed Date: July 3, 2018
Top 3 Regulated Forex Brokers
- Company name: BR Consulting Group Ltd.
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: $2,000
BRFX Trade is owned by the BR Consulting Group Ltd. It is an offshore Forex broker registered in the St. Vincent and the Grenadines with a Financial Services Authority. It is risky to deal with the offshore registration brokers as in average it takes $2000 to get the license. St Vincent Forex company formations usually take around one week. Also the advantage is there’s no Forex regulation in St Vincent. 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.