Reason to avoid: No License. Scam operations.
Listed Date: September 12, 2018
Top 3 Regulated Forex Brokers
- Company name:
United Global Holdings Limited. FxUnited.
- Registration Address/ License:
No License. United Global Holdings Limited, which operates under the trading brand name FxUnited, is an online trading company, which targeted worldwide traders from different regions and was attracting clients by the competitive offerings while not allowed to provide banking and/or investment services in various jurisdictions. The company faced many problems during the last years since was holding client’s withdrawals as the owners went to lengths to project company in world Forex centers, which includes UK, Australia, Malaysia, New Zealand and more. Eventually, the company faced an evidence in providing not legitimate investment activity, while according to the documentation the FxUnited was deregistered company. Malaysian authorities investigate the company by various means while the clients were engaged in the series of negative behaviors from the broker. The Malaysian Police estimate FX United conned 70,000 investors out around $250 million dollars, which are still not paid back to the clients. Consensus became obvious and the FX United gained a reputation of scammers that were attracting naïve investors and pending an objection to schedule struck. In addition to several warnings from the respected regulatory authorities, the company was telling its clients that the FSMA (Belgium) is preventing the company from pursuing its activities that’s why the broker was unable to return the money to the clients. By the fact that was a false statement, which was claimed on the official FSMA website (follow the link for the warning). Overall, the FxUnited or the similar companies should be avoided by any means. As safety in trading always goes first, it is highly recommended to invest only with reputable brokers that gained a reliable reputation, operate with necessary and reputable licenses and comply with strictest authority rules. You can check out the list of the regulated brokers to choose the best suitable one.