Reason to avoid: No license
Listed Date: August 1, 2018
Top 3 Regulated Forex Brokers
- Company name: Premax Capital Ltd.
- Registration/license: none
- Registration/license requirement: –
FXPremax is a Forex and CFD broker that claims to be located in London, UK but doesn’t have a license from the UK’s Financial Conduct Authority, so it is not allowed to offer financial services to UK residents. The website provides the address (Suite 1 4 Queen Street, Edinburgh, UK) and British phone number, but most probably the firm is not even located in the country, as the company that owns FXPremax, Premax Capital Ltd., is based in Indonesia, Jakarta. We don’t recommend dealing with unregulated brokers, especially if they provide false information on their websites. Some of such entities run investment scams, and clients of such brokers don’t have any protection. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. You can check the list of the FCA-regulated brokers here.