Reason to avoid: Offshore license
Listed Date: October 21, 2018
Top 3 Regulated Forex Brokers
Beware IGOFX is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: IGO Global Limited.
- Registration/license: Vanuatu
- Registration/license requirement: USD 2,000
IGOFX is a broker, offering online trading in Forex and CFDs. The company is owned and operated by IGO Global Limited, registered in Vanuatu by Vanuatu Financial Services Commission (VFSC). Vanuatu is an offshore zone popular among forex brokers because of the variety of tax benefits, although most of the brokers registered there are not actually regulated or licensed by any authority.
The terms and conditions “governing law” part states that IGOFX is overseen by the jurisdiction in England, but the broker is not regulated in the UK. Moreover, the Monetary Authority of Singapore (MAS) has issued a warning alert against IGOFX in March 2017:
“based on information received by MAS, IGO Global Limited; IGOFX may have been wrongly perceived as being licensed or authorized by MAS.”
Also, the Bank Negara Malaysia (BNM – Central Bank of Malaysia) added the broker to its alert list in July 2017:
“IGOFX is neither authorized nor approved under the relevant laws and regulations administered by BNM.”
To sum up, dealing with unregulated offshore companies such as IGOFX is very risky as they don’t guarantee the safety of customers’ funds. We recommend dealing with the entities authorized by the serious and reliable authorities, where regulation is strict. For example, you can choose regulated brokers from the FCA in the UK or ASIC in Australia.