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Is Forex Time regulated in any authority?
WASAY
Poland
2022-12-07
ANSWER Forex Time is not a licensed or regulated broker even though it states offers that look good to be true.Forex Time claims to be owned and operated by ForexTime LTD, a leading brokerage in online financial trading established in 2011. However, when we checked its domain, we found it was newly created in 2022. So how could it start its business in 2011? It is a red flag here.Besides, Forex Time claims to be an authorized and regulated broker under a regulation issued by the Cyprus Securities and Exchange Commission (CySEC) with license CIF 185/12 and also registered with the Germany BaFin, FSCA of South Africa, and the Italy CONSOB. We indeed find match results to this company name in the above regulators' registries. But since BaFin, FSCA, and CONSOB do not provide the crucial regulatory details-domain. We can not be sure that this broker is the one operating under the trade name of ForexTime LTD. What's more, when we searched in CySEC, we found the CIF license does belong to a company named "Forextime Ltd." But the only approved domain of the licensed company is "www.forextime.com/eu" instead of the one used by Forex Time (https://forextimeltd.com/). That means Forex Time may be a clone firm that falsely used the regulatory information of a CySEC-regulated firm.The truth is, Forex Time is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Forex Time and trade with licensed brokers.
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