Circleforex Review

Is Circleforex Scam or Legit Broker?

It is not safe to trade with a Forex broker Circleforex. It claims to be owned and operated by Huanying International Limited and regulated and located in New Zealand. Circleforex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is Circleforex?

Circleforex (Yuanhui Finance) is a Forex broker that offers a wide variety of investment products, such as currency pairs, precious metals, and other investment products.

• According to the website, the broker is holding a New Zealand financial service provider license (number: FSP476086). However, there is no such company in the regulator's register. Huanying International Limited actually exists anf the license number shown on the platform does belong to the FMA-regulated Huanying International Limited that has nothing to do with  Circleforex (Yuanhui Finance).
• Moreover, New Zealand's financial regulator Financial Markets Authority has recently issued a warning against Circleforex/ Yuanhui:

"We recommend exercising caution before dealing with www.circleforex.com as this website claims to be associated with FSP476086 in New Zealand which is incorrect. Circleforex / Yuanhui is not registered on the FSPR."

• Also, the only language available on the broker's website is Chinese, which points out the "market" that Circleforex has been targeting. 

Circleforex Review Conclusion

We advise all investors and traders to avoid Circleforex and other unregulated brokers. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and FXTM (Read about FXTM trading platform).

Circleforex Update

Recently the Circleforex website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.