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Is UMOFX a scam or a legit broker?
UMOFX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes. This results in a very high risk trading opportunity, despite its alluring proposal.
About UMOFX
| 🗺️ Registered in | No Registration |
| 🗺️ Type of License | No License |
| 🛡️ Is UMOFX safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
UMOFX is a Forex and CFD broker, based in Auckland, New Zealand. The firm is owned and operated by UMOFX CO. LIMITED.
They mention the Company Registration Number on the website, which supposed to mean that the company is authorized in New Zealand, but it is actually has no license to offer its financial services to New Zealand residents.
Investing funds with unregulated brokers comes with a significant risk, because such entities, most often than not, are involved in scam.
Conclusion
We recommend you to trade with serious and reliable regulators, such as FCA in the UK and FMA in New Zealand. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license.
The regulator also protects customers when authorized financial services firms fail. Here you may check our list of brokers licensed by the FCA.
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