Reason to avoid: Offshore License
Listed Date: November 30, 2018
Top 3 Regulated Forex Brokers
Beware ForexChief is an Offshore-Licensed Broker. It is NOT SAFE to trade.
Registration Address/ License:
Vanuatu. Broker with Offshore License and No Regulation.
ForexChief is a Forex brokerage firm that proposes trading opportunity on 35 currency pairs, including metals and other derivatives through an STP execution and access to the market. The company office mentions its location in Vanuatu, with representative offices around the world, as well as registration and regulation status with the local authority VFSC (Vanuatu Financial Services Commission). Yet, there is no much trust to such companies, as the location is an offshore zone, which in fact sets very low requirements with very small costs, and almost does not oversee the company operation further on.
As a general rule, we recommend avoiding of offshore and non-regulated entities as persons who invest in firms that do not hold the requisite serious regulation in the vast majority cases couldn’t recover funds invested or gains received. Thus, we strongly advise against responding to any suspicious offering in regards to a trading of financial investments and to choose only among the regulated entities.
In case of ForexChief that is applied too, therefore you better look at the more attractive trading offering and specifically the company which can guarantee its regulated performance of service. You can always check in general whether a proposed firm is regulated or not, simply by checking on the status at the authority official sources, as well by reading reviews through portals like ours. The advised firm to trade and invest with should be strictly regulated by the reputable authorities alike UK’s FCA, Australian ASIC or other similar regulators, that for instance apply for compensation and supervised at every step they do.