FX Merchants Review

Is FX Merchants Scam or Legit Broker?

No, it is not safe to trade with FX Merchants. The broker states to be regulated and safe, however despite the fact that it is based in England, it is not regulated by the Financial Conduct Authority (FCA).  In reality, the broker does not hold any license, which is the biggest red flag. Signing with unregulated brokers means putting your investments at risk.

What is FX Merchants?

FX Merchants is a forex and cryptocurrency broker, owned and operated by FX MERCHANTS LTD. that claims to be based and registered in the United Kingdom. They also provide contact phone numbers with the London address. The terms and conditions state the company is under the jurisdiction of the UK, but it is actually not regulated in the country.

• Moreover, the company has recently been blacklisted by the UK's FCA:
  "FX Merchants firm is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization."
• It is quite dangerous to trade with unregulated brokers, especially in the case of FX Merchants when it has no license and also were banned by one of the most respectable regulators.

FX Merchants Review Conclusion

We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license such as FX Merchants are most often frauds. Besides, when investing with a licensed broker, traders' funds are protected. For example, the UK regulator FCA provides a Financial Services Compensation Scheme. Check the list of FCA-licensed brokers. Traders should choose only trustworthy and regulated brokers, such as FP Markets and BlackBull Markets.

FX Merchants Update

We found the FX Merchants website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come.