Is FxFWay a scam or a legit broker?
FxFWay is 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade FxFWay. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.
|🗺️ Registered in||Vanuatu|
|🗺️ Type of License||Offshore License|
|🛡️ Is FxFWay safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||FP Markets - licensed by ASIC in Australia|
FxFWay is a Forex broker with the offices in UK, Hong Kong and Vanuatu. Company’s website provides the info about its regulation – in 2017 the firm was granted authorisation by the US NFA and received its Vanuatu license.
But after some research it turned out the FxFWay is not authorized by the National Futures Association in US and also was blacklisted by the Financial Conduct Authority in UK (FCA).
Even tho the firm may have an offshore regulation, it doesn’t give a right to offer financial services in UK, US nor in Hong Kong or other countries.
It is always better and safer to trade with a reliable broker licensed by Australia’s ASIC, Cyprus’ CySEC or UK’s FCA. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Check the list of the FCA-regulated brokers here.
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