Reason to avoid: Offshore license
Listed Date: July 26, 2018
Top 3 Regulated Forex Brokers
- Company name: Maxi Services Ltd
- Registration/license: Belize
- Registration/license requirement: USD 5,000
Umarkets is a Forex and CFD broker owned and operated by Maxi Services Ltd., based in Belize. Maxi Services Ltd is an offshore company licensed by the International Financial Services Commission (IFSC). Belize is a popular offshore destination, where the licensing requirements are not that strict compared to other more serious jurisdictions (such as UK’s FCA or ASIC in Australia). The minimum capital requirement for forex brokers is USD 100,000. Besides, the license fee costs only USD 5,000. We generally recommend investors and traders to avoid offshore companies and to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, for example.