Reason to avoid: Offshore license
Listed Date: December 31, 2018
Top 3 Regulated Forex Brokers
Beware FXtrade777 is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Silver Wolf Limited
- Registration/license: Marshall Island
- Registration/license requirement: USD 2,000
FXtrade777 is an offshore broker that offers trading in forex, CFDs on commodities, indices and stocks. The brand FXtrade777 is owned by the corporation of Silver Wolf Limited. IT & Finance admimistration services are done by Blond Bear OU, based in Tallinn City, Estonia. The broker claims to be one of the most trusted and widely recognized online brokerage firms in the world, however, we have a few concerns that should be mentioned. Firstly, Marshall Island is a popular offshore destination, where forex brokers are not regulated and not overseen by any authorities. Secondly, the company associated with the broker, Blond Bear OU, has been warned against too many times by too many regulators. This Estonia-based company has never been regulated or held any license. We have previously reviewed some of the companies affiliated with Blond Bear OU, including Trade111, MarketGBP, Cac400 and its not even half of the list. Here are also the warning from Belgian FSMA issued against Blond Bear OU:
“Blonde Bear OU which operates under the trading name of TradeDax, a company that offers investments without complying with Belgian financial legislation. Blonde Bear OU which operates The Financial Services and Markets Authority (FSMA) warns the public against the activities of under the trading name of TradeDax is not allowed to provide banking and/or investment services in or from Belgium.”
We highly recommend traders to stay away from FXtrade777 or companies associated with this broker. There are a lot of other well-regulated brokers to do business with. Regulated brokers are obliged to follow very strict rules, among which are reporting, keeping all clients funds in segregated accounts, providing traders with a negative balance protection and also maintaining a certain minimum of operational capital. Some regulators, like FCA and CySEC, give an opportunity to participate in traders compensation schemes. Check the list of the FCA-regulated brokers.