Reason to avoid: Offshore license
Listed Date: November 30, 2018
Top 3 Regulated Forex Brokers
Beware FinmarkFX is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Finmark Ltd./ Financial Markets FX OU
- Registration/license: St. Vincent and the Grenadines/ Estonia
- Registration/license requirement: USD 2,000
FinmarkFX is a Forex, CFDs and cryptocurrency broker. The company is owned and operated by Finmark Ltd (Kingstown, Saint Vincent and the Grenadines). Clearing services are provided by Financial Markets FX OU, based in Tallinn, Estonia. According to the broker’s website, it is a regulated entity, however, we didn’t find any information about its regulation. If they meant FinmarkFX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, then we have to remind that FSA 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. Moreover, the broker has been banned by the CNMV in Spain in October 2016:
“Financial Markets Limited https://finmarkfx.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency.”
All the alerts and warnings issued by such regulators as CNMV serve to protect not only investors from fraudulent companies but, also they divide the legitimate from the illegitimate, the reputations of trustworthy firms. We also recommend taking a look at the brokers regulated by the UK’s FCA or Australian ASIC.