Reason to avoid: Offshore license
Listed Date: September 24, 2018
Top 3 Regulated Forex Brokers
- Company name: Black Parrot Limited
- Registration/license: Marshall Islands
- Registration/license requirement: USD 2,000
TradeDAX is a Forex and CFD broker owned and operated by Black Parrot Limited, company based in the Marshall Islands. Terms and conditions on the website mention one more company behind the TradeDAX brand. It is an Estonian company Blonde Bear OU, responsible for IT and Finance administration services of the TradeDAX. Neither company is under the oversight of an appropriate financial regulator. Moreover, Belgian FSMA (The Financial Services and Markets Authority) and Italian CONSOB (The Italian Companies and Exchange Commission) has issued warnings against TradeDAX/Black Parrot Limited/Blonde Bear OU for targeting people without being authorized in Belgium and Italy.
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. Check the list of the FCA-regulated brokers here.