Is Trade WFX a scam or a legit broker?
It is not safe to trade with Trade WFX, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.
About Trade WFX
|🗺️ Registered in||No Registration|
|🗺️ Type of License||No License|
|🛡️ Is Trade WFX safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||GO Markets - licensed by ASIC in Australia|
Trade WFX is a Forex broker that claims to be located in London, UK, but without being regulated by the UK’s Financial Conduct Authority. They provide the address (#34 Duke Street, Mayfair. London SE1 9TA.) and British phone number, but most probably the company is not even located in the country.
Moreover, there is also a warning from FCA against this broker that was targeting UK residents. Some of such entities run investment scams, and clients of such brokers don’t have any protection. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts.
The license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license. The regulator also protects customers when authorized financial services firms fail.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.
Yet, it is always great to hear your personal opinion about Trade WFX. So you may share your experience or thoughts or discuss them below or ask us for additional information.
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