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FOMOSO is not a licensed or regulated broker even though it states offers that look good to be true. FOMOSO claims it was established in 2015, but when we checked its domain, we found it was created in 2017. So how could it start its business in 2015? It is a red flag here.

Besides, FOMOSO claims to be regulated by the US Financial Crimes Enforcement Network (FinCEN) with an MSB license number: 31000211233824. But please be informed that FinCEN does neither issue licenses for forex trading nor regulate any firms that offer forex activities.

As per the United States law. Firms and individuals, who do not possess the relevant regulation issued by the National Futures Association (NFA), are not allowed to solicit or approach US citizens. When we searched in NFA, we found this broker is not under valid regulation by NFA since it is not an approved NFA member.

The truth is, FOMOSO is not overseen by any regulators. That means investors' funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like FOMOSO and trade with licensed brokers.