Reason to avoid: Offshore license
Listed Date: October 11, 2018
Top 3 Regulated Forex Brokers
Beware RaxoFX is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: Raxo Limited
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
RaxoFX is a Forex and CFDs broker, owned and operated by Raxo Limited. Raxo Limited is an offshore company, registered in St. Vincent and the Grenadines with the FSA (Financial Services Authority). There is no information about the registered address on the website. They provide only a contact phone number with Cambodia country code. Also, the website supports the Indonesian language. Probably, the broker has been targeting the residents of those countries. It is obvious that RaxoFX is not regulated by any of the authorities and simply could be a fraud.
Generally, we advise traders to choose from UK, Australian or other well-regulated brokers, where their funds will be protected. For example, the license from the UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. Also, all clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme up to GBP 50,000 per person, in case the company goes bankrupt. Check the list of the FCA-regulated brokers here.