NewFX claims to be a reliable broker without presenting any information about its regulation. The lack of such important information may be a distinct signal of an unlicensed broker, as regulated brokers always present their accreditations and licenses in a prominent position. It is a red flag.
In adittion, the broker also claims to be located in the USA. We searched National Futures Association (NFA) of the United States but found no matching results. And there was no financial reports of this company in U.S. Commodity Futures Trading Commission (CFTC). All in all, this broker is not regulated in the USA.
Moreover, the company also has offices in the UK and Dubai, according to its website. However, we did not find any matching results in the United Kingdom Financial Conduct Authority (UK FCA) or the Dubai Financial Services Authority (DFSA). That means the broker is not authorized in the UK or Dubai.
Actually, NewFX has been warned by three regulators including: the Italy Commissione Nazionale per le Società e la Borsa (CONSOB), the Spain Comisión Nacional del Mercado de Valores (CNMV), and the Malta Financial Services Authority (MFSA).
The truth is that NewFX is not regulated by any regulators. Letting this broker hold or control investors' money is unsafe, and the money can not be protected by any laws. Therefore, it is a scam.
NewFX claims to be a reliable broker without presenting any information about its regulation. The lack of such important information may be a distinct signal of an unlicensed broker, as regulated brokers always present their accreditations and licenses in a prominent position. It is a red flag. In adittion, the broker also claims to be located in the USA. We searched National Futures Association (NFA) of the United States but found no matching results. And there was no financial reports of this company in U.S. Commodity Futures Trading Commission (CFTC). All in all, this broker is not regulated in the USA. Moreover, the company also has offices in the UK and Dubai, according to its website. However, we did not find any matching results in the United Kingdom Financial Conduct Authority (UK FCA) or the Dubai Financial Services Authority (DFSA). That means the broker is not authorized in the UK or Dubai. Actually, NewFX has been warned by three regulators including: the Italy Commissione Nazionale per le Società e la Borsa (CONSOB), the Spain Comisión Nacional del Mercado de Valores (CNMV), and the Malta Financial Services Authority (MFSA).The truth is that NewFX is not regulated by any regulators. Letting this broker hold or control investors' money is unsafe, and the money can not be protected by any laws. Therefore, it is a scam.