Reason to avoid: Offshore license
Listed Date: July 19, 2018
Top 3 Regulated Forex Brokers
- Company name: Instafx24 LTD
- Registration/license: Marshall Islands
- Registration/license requirement: USD 2,000
InstaFX24 is owned and operated by Instafx24 LTD, Trust Company Complex, Marshall Islands. The Marshall Islands is an offshore destination where usually brokerage services are not regulated. The company does not fall under the regulatory of any agency. They provide London address and phone number on the website, although the firm is definitely not registered in UK with the FCA. Moreover, FCA has issued a warning against the broker a few month ago. It is probably enough info for us to recommend staying away from this broker, as trading with an offshore registered firms is risky for clients’ investments. The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. Also all clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme.