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Hello. Is Blafx a legit broker?
User_dadw
Iran
2023-08-05
ANSWER BethleAsterFX is operated by Bethle Aster Global Investments Pty Limited, an Australian Financial Services Representative. Due to the absence of authentication details and domain for investors to verify, BethleAsterFX carries certain risks despite being authorized by a licensee regulated by the Australian Securities and Investments Commission (ASIC). Please beware of the risks involved.The reason why you need to exercise extreme caution when dealing with BethleAsterFX is that the limited information provided by the ASIC restricted you from verifying the ownership of website https://blafx.com. A lot of cases have suggested that some shady brokers would exploit details of real companies to appear legitimate. Therefore, there is no guarantee that the ASIC-registered company, Bethle Aster Global Investments Pty Limited, is the one offering financial services/products through the trading name BethleAsterFX at https://blafx.com.Additionally, while BethleAsterFX provides registration information with Vanuatu Financial Services Commission (VFSC), our search for this company in the VFSC's Financial Dealers Licensee List didn't yield any matching results. This means it is not authorized by the Vanuatu's Financial watchdog.Moving to the MSB number issued by the Financial Crimes Enforcement Network (FinCEN). As per US law, FinCEN's mission is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems. As a result, the MSB license cannot be considered as a financial license. BethleAsterFX, as a forex broker having an office in the US, is required to be regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Therefore, it must be an NFA member first. However, data from the NFA suggest that it is a non-member and thus not subject to their oversight.In conclusion, engaging with BethleAsterFX could be risky, as it is not strictly regulated. Although we can temporarily say that it is legitimate, we strongly suggest you reconsider its reliability. We recommend choosing a fully regulated broker to start your trading life.
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