how to know if a broker is legit? – Legitimacy query https://www.fmswa.com/

By James, from China, November 21, 2019 at 10:26 PM

I have been asked to deposit money into the above website to top up my meta trader account and was wondering if this is a legitimate company. I downloaded Meta trader 4 from Google play and was then instructed to register with this company.Thay gave me login details and password which allowed to log in to MT4. The company appears to be based in china.

Answer: Hi James,

We have checked information about Fun Managers broker and can surely tell that the company is NOT regulated. According to the website, Fun Managers is regulated by NFA under license No. 0524539. However, there is no such license registered with the National Futures Association

The company also claims to be located in London, UK (not China) without being licensed by its local Financial Conduct Authority. Also, there is literally no information and no reviews can be found on this broker online (probably it is a newly created company). 

We strongly advise you to stay away from Fun Managers broker and choose among well-regulated entities

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