Reason to avoid: Offshore license
Listed Date: June 27, 2018
Top 3 Regulated Forex Brokers
- Company name: AJN TRADE LTD
- Registration/license: Marshall Islands
- Registration/license requirement: $2,000
ProTradeFX is a brand operated by AJN TRADE LTD – a company licensed in the Marshall Islands. The Marshall Islands is a popular offshore destination for forex brokers, as it offers a variety of tax benefits (no income tax, no capital gains tax nor inheritance tax), the registration process for is fast and low cost, and capital requirements are also very low, amounting to $2000. Although it is good for the brokers, the traders should be aware of all the risks they can get when dealing with these companies. It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead. For example, the license from UK’s Financial Conduct Authority, that costs USD 50,000 and also needs USD 100,000 of capital for the STP license aside from client deposits. The regulator also protects customers when authorized financial services firms fail.