UK’s FCA has issued a warning against forex broker 8inFX

July 17, 2018 at 07:43 PM

According to the latest warning of the UK’s Financial Conduct Authority (FCA), the Forex and CFD broker 8inFX was blacklisted as it is not licensed or authorized by the regulator, although was targeting the UK customers. 8inFX offers trading in many currency pairs, as well as various CFDs – on indices, commodities, stocks and cryptocurrencies. The brokerage is owned by 2dots Limited, and the website provides the address of the head office which is in Vanuatu. Vanuatu is one of the popular offshore destinations where the brokers get their forex licenses. It is quite risky to trade with these firms. Usually the companies that operate in the offshore areas (such as Republic of Vanuatu) are not licensed nor regulated and considered to be frauds. Most probably, 8inFX operates without a valid forex broker license as nothing is mentioned about license, nor regulation on the website. Also there is no phone number provided and the customers should request the calls on the website. Moreover, not only FCA warns about this broker, but also the Italian CONSOB has issued a warning against 8inFX. The first thing the potential investor should do when he is choosing a trading company is to determine if it is a legitimate broker or a scam broker. It is very easy to do. You just need to check if the broker is licensed by CySec in Cyprus, or it is under the regulation of the MIFId in the European Union (EU), or it is registered with the UK’s FCA  or Australian ASIC. You can read our review on this broker here.