We have done a quick research on Garafi broker, and unfortunately, can only say the company is NOT properly regulated and should definitely be avoided, because of all the red flags we have noticed on its website.

First of all, this broker provides an impressive list of the so-called accreditation & licenses, including ASIC license (no registration number provided though), CySEC (provided registration number is NOT in the regulator’s register), and they mention the UK regulation, but with no details, probably because it’s also a false statement. We didn’t find any additional info/proofs of the listed licenses, which obviously leave us confused. However, this list continues with some of the offshore licenses in Belize, St. Vincent and the Grenadines and Mauritius.

Just like Belize, St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as Garafi. You can read more about Belize brokers here, and St. Vincent and the Grenadines brokers here and why such entities should be avoided.

It is pretty clear Garafi is not a reliable and not properly regulated broker. We would recommend to stay away from it. If you already invested, it would be better to report about this kind of issue to your local regulator or police.