Beware FXGIM is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: FXGIM Ltd.
- Registration/license: Seychelles
- Registration/license requirement: USD 2,000
FXGIM is a Forex and CFD broker, owned and operated by the FXGIM Ltd., located in Seychelles -a very popular country for the forex brokers registration, but it is also well-known for the brokers who are frauds. As to the broker’s regulation, there is no mention of it on the website, and judging from their address (Nicosia, Cyprus), they want the potential client’s to think the company is licensed by the CySec in Cyprus, although it is not true. The company is not regulated by any of the financial authorities.
Another confusing thing is the contact phone numbers (British and Spanish) despite the Cypriot location. We believe some brokers provide this kind of details to convince the residents of particular countries that they have customer support offices there. But most of the times it is just the sign of what countries the broker has been targeting and cold-calling. As a proof, there is a warning against FXGIM issued by Spain’s regulator CNMV:
“FXGIM Global Investment Markets https://www.fxgim.com/es/ is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”
Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia or CySEC in Cyprus. Check out a list of brokers authorized by CySec.
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