Swiss regulator FINMA warns against HandelFX broker
The Switzerland financial markets and service providers regulator FINMA has warned of the unregulated forex broker HandelFX. According to the official notice, this entity may be carrying out unauthorized services and is not supervised by FINMA.
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government institution responsible for financial regulation. The regulator supervises the banks, insurance companies, stock exchanges, and securities dealers, as well as other financial intermediaries in Switzerland. FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location but are not Swiss-regulated.
Is HandelFX a scam or legit broker?
Handelfx claims to be a top online Forex broker with many years of experience in the market. The broker is owned and operated by Handelfx LTD and registered in Marshall Island.
As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses.
Handelfx claims to be located in Zurich, Switzerland. However, the company is not regulated by the Swiss authorities. In fact, it was banned in Switzerland.
Considering all the facts mentioned above, we would not recommend trading with TaureneFX or any other unregulated offshore brokers. You may also let us know about your trading experience with HandelFX by commenting on this post.