Reason to avoid: Offshore license
Listed Date: November 28, 2018
Top 3 Regulated Forex Brokers
Beware BrighterTrade is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: LOGAMET LTD/ INGOTEN OU
- Registration/license: St. Vincent and the Grenadines/Estonia
- Registration/license requirement: USD 2,000
BrighterTrade is a Forex and CFD and cryptocurrency broker. The website is owned and operated by the Brightertrade™ corporate group. The group includes LOGAMET LTD, a St. Vincent & Grenadines company, owner of the website and INGOTEN OU, an Estonian company, who operates the clearing and settlement for the group. There is no information about the company’s regulation and it seems like it is not regulated by any authority. Moreover, one of the companies behind the brand is based offshore, which doesn’t make BrighterTrade look more reliable.
In addition, New Zealand’s regulator FMA has issued a warning against the broker:
“WEBSITE: www.brightertrade.com; REASON FOR WARNING: BrighterTrade could be involved in a scam. We note a recent warning published by the Australian Securities and Investments Commission (ASIC) in relation to Igoten OU also known as BrighterTrade.”
This follows another warning from the Australian Securities and Investments Commission against INGOTEN OU:
“ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”
As regulation is one of the most important things while choosing a broker, we recommend checking those regulated by reputable financial authorities such as ASIC in Australia, FCA in the UK or CySec in Cyprus. Check the list of the ASIC-regulated brokers.