CF Merchants Review
Reason to avoid: Offshore license
Listed Date: November 26, 2018
Top 3 Regulated Forex Brokers
Beware CF Merchants is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: CF Merchants Limited
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
CF Merchants is a Forex and CFD broker. The Website is operated by CF Merchants Limited, a company incorporated in Saint Vincent and the Grenadines (registered no 24535 IBC 2018). However, the Financial Services Authority (FSA) of St. Vincent and the Grenadines 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. It means that CF Merchants or any other Forex broker that claims to be registered in Saint Vincent and the Grenadines is not allowed to provide its financial services to the public. This is a reason for CF Merchants to be considered as an unregulated offshore entity.
Generally, we advise traders to stay away from offshore-registered firms simply because they are not reliable. Regulatory authorities in offshore zones do not pay much attention to checking, supervision, and reporting of the brokers registered there. It means that the broker can do anything with the invested money, even decline the withdrawals.
It is important to remember that investing with properly regulated brokers is crucial for the safety of the funds. Those firms, overseen by reliable regulators, such as the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) have to follow some strict financial rules and maintain good performance. Check the list of the FCA-regulated brokers.