withdrawal issues

By Manni, from Kenya, November 13, 2021 at 03:10 PM

I'd like to know who audits or how would a retail trader know that they are actually legit. I had an issue concerning a trade which had been executed wrongly on my real account and i lost over $11k of investors' funds. For weeks i followed up with them and they gave no tangible solution.

Answer: Hi Manni,

In the EU, broker is licensed with the Malta Financial Services Authority. has licenses from offshore regulators in the St. Vincent and the Grenadines, Vanuatu and British Virgin Islands.

If you are located outside the EU, most probably you were onboarded to one of the offshore entities of the broker.

We recommend to avoid trading with the offshore brokers, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk. You can check our detailed articles about risks of trading with St. Vincent and the Grenadines or Vanuatu brokers.

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