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I opened a standard account with MENA Global Market

答 Hello Douglas, Thank you for contacting us regarding MENA Global Market. If you are currently experiencing issues with your trading activities on the platform, we recommend reaching out to their customer support team directly for quicker assistance. However, we would like to strongly advise against committing to any long-term trading activities with MENA Global Market. Here is why: - The broker does not claim to hold any form of regulatory license. It merely states that it is registered in Saint Vincent and the Grenadines. This is a significant warning sign, as such registration offers no regulatory oversight and suggests the possibility of unlicensed operations. - Upon further investigation, we found that MENA Global Market's registration with the Saint Vincent and the Grenadines Financial Services Authority (FSA) has been officially marked as 'CANCELLED'. Given the complete lack of valid licensing and the cancellation of its corporate registration, MENA Global Market raises serious concerns. We strongly advise you to assess the risks and avoid depositing any additional funds.

What do you think of trading with CarltonFX?

答 Hello JacobsJoe, Thank you for inquiry regarding CarltonFX. After reviewing the information available, here is what we found: - CarltonFX claims on its website to have an office located in Dubai. However, our cross-checks with the relevant regulatory authorities in the UAE, including the Central Bank of the UAE (CBUAE) , and the Securities and Commodities Authority (SCA) , returned no matching records for the broker. - The bottom line is that CarltonFX operates without any form of valid regulatory oversight. This means there are no legal safeguards or investor protection mechanisms in place to cover your funds in the event of disputes or misconduct. Given the complete absence of regulation, we believe CarltonFX poses a high risk of being a scam. Please avoid depositing any funds or engaging with this platform.

Is Auro Markets open to Indian traders?

答 Hello Taishier, Thank you for your inquiry. We do not recommend using the Auro Markets platform for the following reasons: - Auro Markets does not disclose any valid regulatory information. The broker has only completed a company registration in Saint Lucia, which is merely a corporate registration and carries no regulatory authority over forex trading activities. - Operating without a valid forex license is a major red flag and exposes traders to significantly higher risks, including the potential for fraud. Please exercise extreme caution and avoid engaging with Auro Markets to protect your funds.

I had a conversation with Fortuno Markets team

答 Hello Amin, Thank you for your inquiry. We do not recommend trading with Fortuno Markets for the following reasons: - Fortuno Markets claims registration in Saint Lucia. While we confirmed its IBC status with the Saint Lucia IFC, this is merely a company registration, not a forex license. The Saint Lucia IFC does not regulate forex trading. - The broker also claims to operate under Fortuno Markets (UK) Ltd. However, our check with the UK Financial Conduct Authority (FCA) confirms it is not authorized to conduct forex activities in the UK. To conclude, Fortuno Markets involves high risks and exhibits characteristics consistent with fraudulent operations.

Weltrade isn't licensed and has all the red flags of a scam.

答 Hello there, Thank you for your inquiry. Yes, Weltrade presents multiple risk signals that warrant serious concern. Below is a summary of our findings: - No Valid Regulatory License: Weltrade does not hold a financial services license from any recognized regulatory authority. It only claims to have completed company registrations in Saint Lucia and the Marshall Islands. It is important to note that these are IBC registrations only and carry no regulatory oversight or licensing authority over forex or securities trading. - Official Warnings Issued: Weltrade has been officially warned by both the Spanish CNMV (Comisión Nacional del Mercado de Valores) and the Malaysia SC (Securities Commission) for engaging in unlicensed capital market activities, specifically for dealing in securities and derivatives without proper authorization. For details, please refer to: CNMV warning and Malaysia SC warning We strongly advise you to exercise extreme caution and avoid engaging with Weltrade to protect your funds.

Bold Prime actually offers 1:3000 leverage?

答 Hello Georgio, Thank you for your inquiry. Bold Prime claims that its entity, Bold Prime Limited, is licensed by the Union of Comoros. After conducting a thorough review, we do not recommend investing with this broker for the following reasons: - Our checks found a company with a matching name registered with the Anjouan Offshore Finance Authority (AOFA) , but the registry does not list any official website domain associated with the licensee. - The regulatory framework in the Comoros jurisdiction is extremely weak, with oversight that is largely symbolic and offers little to no meaningful protection for investors. In our view, holding a license from this region does not demonstrate that a broker is safe or reliable, and in many cases, such licenses are associated with higher risks of fraudulent activity. Based on these findings, we strongly advise you to avoid engaging with Bold Prime to protect your funds.

Does Switch Markets have APP?

答 Hello Hamid, Thank you for your inquiry. According to the Switch Markets website, the broker primarily offers the MT4 and MT5 trading platforms. However, we would like to highlight some important regulatory concerns: - Switch Markets' previous ASIC Australian Financial Services (AFS) license, held as an Authorised Representative (AR), has been revoked. - The broker now claims to operate as "an appointed corporate agent of Royal CM LTD" , an entity regulated by the Vanuatu Financial Services Commission (VFSC). It is important to note that the VFSC registry does not disclose official website domains or authorised representative information, which requires further verification with the regulator. Given the inability to verify their current regulatory status and the absence of a valid, transparent license, we recommend waiting until Switch Markets obtains a verifiable and reputable license before considering any trading activity.

Question about Savexa

答 Hello Ayilara, Thank you for your inquiry. According to the Savexa website, withdrawals typically take 8 to 10 business days, though processing times may vary depending on the bank involved. For a complete list of documents required to open an account, we recommend reaching out to their customer support team directly. Savexa is a verified broker regulated by MISA. However, we would like to bring the following to your attention: - MISA is an offshore regulator with limited oversight capabilities. Its regulatory framework relies heavily on the broker's own internal policies and investor protection measures, rather than stringent external supervision. Please be aware of the potential risks involved and proceed with caution when considering Savexa.

Hi is VEXA Investment a forex broker?

答 Hello Elsa, Thank you for your inquiry. VEXA Investment does not disclose any valid regulatory information on its website. The broker lists several registration locations and office addresses, we have conducted checks with the respective local regulatory authorities and found no matching results for any licensed entity linked to VEXA Investment. To be clear: - No regulatory confirmation could be found for any of the claimed registrations. - VEXA Investment does not hold a forex dealer license or any form of financial services authorization. The complete absence of verifiable regulatory status is a significant red flag and raises serious concerns about potential fraudulent activity. We strongly advise you to avoid engaging with VEXA Investment to protect your funds.

XTrend Speed's trading platform

答 Hello there, Thank you for your inquiry. XTrend Speed claims to offer multiple trading platforms, including desktop and mobile. For detailed information on platform features and availability, we recommend contacting their customer support team directly. XTrend Speed states that its entity, Rynat Capital (Pty) Ltd, is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. While we confirm that a matching entity exists in the FSCA registry, we would like to point out the following: - The FSCA does not list the official website domains associated with licensed entities, leaving the licensee's identity needing further verification. - The FSCA is considered an offshore regulator, and its oversight standards may not be as stringent as those of major financial authorities like the FCA or CySEC. Investor protection may therefore be more limited. Please exercise caution when engaging with XTrend Speed.

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