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Is FTX a legit broker?
Okta Kurniawan A
Paraguay
2022-09-16
ANSWER FTX is not a reliable broker for traders even though it states offers that look good to be true. FTX claims it is incorporated in Ireland and has authorizations and regulations issued by multiple regulatory bodies, including:1) The Central Bank of Ireland (CBI);2) The Cyprus Securities and Exchange Commission (CySEC) with license number 347/17;3) The Investment Industry Regulatory Organization of Canada (IIROC);4) The Australian Securities & Investments Commission (ASIC);5) The Japan Financial Services Agency (Japan FSA);6) The British Virgin Islands Financial Services Commission (BVI FSC);7) The ADGM's Financial Services Regulatory Authority (FSRA).However, it is worth mentioning that companies regulated by regulatory bodies must have a complete company name for registration authorization, but the broker's website does not publish the full company name, even if it claims to have multiple regulations, it is impossible to verify and confirm. We indeed did not find any results matching FTX in the above regulators. We only find a match result to the license number in CySEC, but the number belongs to a company named "D.T. Direct Investment Hub Ltd", whose registered domains include dtdirectinvestment.com and www.duplitrade.com. That means FTX has no connection with this regulated firm since the former' s domain is not included in the approved domains.The truth is, FTX 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 FTX and trade with licensed brokers.
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