FX Merchants Review
Reason to avoid: No license
Listed Date: October 31, 2018
Top 3 Regulated Forex Brokers
Beware FX Merchants is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: FX MERCHANTS LTD
- Registration/license: None
- Registration/license requirement: –
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 authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
It is quite dangerous to trade with unregulated brokers, especially in the case with FX Merchants when it has no license and also was banned by one of the most respectable regulators.
We always encourage traders to deal only with regulated brokers, as those operating without a proper forex broker license are most often frauds. Besides, when investing with a licensed broker, trader guaranteed to get a protection of the funds. For example, UK regulator FCA provides a Financial Services Compensation Scheme. Check the list of the FCA-licensed brokers.