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Could you please check if FIRST NOTCH TRADING is legit or fake as I could hardly find its regulatory details.
Jan Daley Katz
United States
Oct 28, 2021
FIRST NOTCH TRADING is NOT a legitimate broker and should be avoided at all events. There are several severe red flags on FIRST NOTCH TRADING's website. To start with, this broker presents zero details about its company information as well as necessary trading documents (i.e. terms and conditions, privacy policy, risk disclosure, etc.). Lacking for such vital information is already a huge red flag for potential traders. Besides, this broker claims to be guaranteed and regulated by the Securities and Exchange Commission (SEC). There are three organizations named SEC from different countries (the US, the Philippines and Nigeria), however, FIRST NOTCH TRADING doesn't clarify which SEC it is. According to its phone number +1 (910) 502-3617, which belongs to the US, this broker basically refers to the US SEC. However, the US SEC is not the regulator that approves licenses for brokers carrying out forex trading, and we didn't find such match in the registers of the US SEC, let alone regulatory authorities. So FIRST NOTCH TRADING is currently not regulated by any financial regulator. What's worse, the Spanish regulator CNMV has added FIRST NOTCH TRADING to the alert list to warn the public that this firm is not authorised to provide the investment services in the country. You can check full alert or warning here. As per the evidences above, our final verdict is that FIRST NOTCH TRADING is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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Could you please verify if capitalfxclub is a legit broker?
Francis Udoh
Nigeria
Nov 26, 2021
The webpage of CapitalFx Club looks weird, and we could not find any useful information to check from its website. But according to the evidences we' ve collected, we deem that CapitalFx Club is NOT properly regulated and should be avoided at all events. CapitalFx Club claims to be operated by PRO CAPITAL LTD, a UK-based company regulated by the Financial Conduct Authority (FCA) with firm reference no.164384. However, we considered CapitalFx Club as a clone firm who had been fraudulently using the detailed information of PRO CAPITAL LTD on account of the following reasons.(Screenshot from CapitalFx Club)First of all, the one and only approved domain of this regulated entity (PRO CAPITAL LTD), as presented in the register from FCA, is www.procapitaluk.com. Secondly, there is an impressive line on the regulated entity's website, "Pro Capital Ltd is the sole entity that we use for our operations and no other company has been authorized to transact on our behalf." In other words, CapitalFx Club is not authorized as a representive broker or affiliate by Pro Capital Ltd. Therefore, our final verdict is that CapitalFx Club is probably a clone firm who illegally uses the details of regulated firms with which it isn't related in any way.What's worse, the Italian regulator CONSOB and the Spanish regulator CNMV have successively added CapitalFx Club to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CONSOB and CNMV on CapitalFx Club respectively.We would recommend you to avoid unregulated brokers like CapitalFx Club and choose properly regulated brokers.
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Is Forex Steady a scam? Or it's a trustworthy broker? Pkease verify it for me. Thanks.
izwan
Malaysia
Nov 14, 2021
Forex Steady is an UNREGULATED broker and should be avoided at all events. There are several severe red flags on Forex Steady's website. To start with, this broker presents zero details about its company information (office address, phone number, email, etc.) as well as necessary trading documents (i.e. terms and conditions, privacy policy, risk disclosure, etc.). Lacking for such vital information is already a huge red flag for potential traders. Besides, Forex Steady claims to be a globally recognized retail and institutional economic company that provides professional financial services concerning forex. However, it turned out to be a new platform without reputation, as the domain of this broker was just created a few months ago in August. According to the information presented on its MT5 software, this broker is operated by FOREX STEADY GLOBAL LIMITED, a UK-based company registered with Companies House. However, it doesn't mean the authorization of the Financial Conduct Authority (FCA), the regulator that approves licenses for the brokers in UK. The truth is, we didn't find any information about its regulation from FCA. So currently Forex Steady is actually not regulated by any financial regulator. As per the evidences above, our final conclusion is that Forex Steady is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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