Trading with a forex broker regulated by forex regulators gives investors a sense of security. When customers are being treated inappropriately, reliable regulators accept customers' complaints and compensate if certain conditions are met. And that is why the scams like 86FXTRADE would claim themselves as multi-regulated brokers, luring you to invest.
Amazing Trading Conditions
86FXTRADE offers twelve kinds of account types, which is rare to see from a regulated broker. And the scam also offers amazing bonuses from 10% to 250%! Together with the 1:100 high leverage it offers, the huge transaction volume is unimaginable, if it is true.
The fraud, operated by P240 LTD, claims to be registered with or regulated by 9 regulators (some fake agencies it makes up included) in 8 countries. According to the website, the false regulations and licenses include as below:
1) the Malta Financial Services Authority (MFSA) No.:IS/56519;
2) the United Kingdom Financial Conduct Authority (UK FCA) No.595195;
3) the Germany Federal Financial Supervisory Authority (BaFin) No. 131055;
4) the France Autorité des Marchés Financiers (AMF);
5) the Spain National Securities Market Commission (CNMV) No.3354;
6) the Italy Commissione Nazionale per le Società e la Borsa (CONSOB);
7) the Denmark FINANSTILSYNET (Danish FSA) No. 9221;
8) the US Financial Services Authority No.IS/560000;
9) the French Prudential Supervisory Authority (ACP) No. 74397.
Please be informed that the last two "agencies" are not forex regulators. The agencies that regulate forex activities in the US and French are NFA and AMF.
If the mentioned regulations are real, 86FXTRADE shall be regulated in Malta, the UK, Germany, France, Spain, Italy, Denmark, and the USA. However, we searched the regulators in these 8 countries, and the result is that none of them regulate 86FXTRADE. The scammer even misuses the BaFin regulatory number of another company named NSFX Limited.
Warning from MFSA
On 8 Aug 2022, MFSA warned the public that 86FXTRADE is neither a Maltese registered company nor licensed or otherwise authorized by the MFSA to provide any investment services or other financial services.
A fraudulent broker like 86FXTRADE is always willing to say that it provides traders with the best trading conditions because it just writes a number to your account. It is also willing to claim to be under multiple regulations since it is not going to be registered with real regulators.
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