Reason to avoid: Offshore license
Listed Date: August 24, 2018
Top 3 Regulated Forex Brokers
Company name: CHO DEVELOPMENT LTD Registration/license: Marshall Islands Registration/license requirement: USD 2,000 WorldFXM is an offshore FX and CFD broker. The company is owned and operated by CHO DEVELOPMENT LTD, based in the Marshall Islands. The contact number is from the UK, which means the broker has been targeting UK residents without being authorized in the country. Also, WorldFXM has been blacklisted by CONSOB in Italy and FMA in Austria. This information should be enough for the traders to stay away from this firm. We recommend you to trade with serious and reliable regulators, such as FCA in the UK and ASIC in Australia. 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.