Is Millennium FX a scam or legit broker?

No, it is not safe to trade with Millennium FX. Millennium FX is the commercial name of the authorized and regulated company, which operates with the liquidity provider of CXMTrading, which is an offshore company registered in St. Vincent and the Grenadines.

St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, Welkron and more.

According to the Millennium FX website, the broker is registered with the Financial Commission under the number 24912 IBC. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

Millennium FX offers Forex, Indices, Cryptocurrency, and Raw Materials trading. The company claims to be based in the UK, however it is not licensed by the local regulator Financial Conduct Authority (FCA). Moreover, Spain’s regulator CNMV has issued a warning against Millennium FX:

“MILLENNIUM FX LIMITED www.mnmfx.com is not authorised to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments for those purposes, foreign currency transactions.”

We advise all investors and traders avoid Millennium FX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and Plus500.

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