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IdolFX
On July 10, 2024, the Financial Conduct Authority (FCA) issued a warning against IdolFX, believing this company might be providing financial services or products without proper authorization in the UK. https://www.fca.org.uk/news/warnings/idolfx
On July 10, 2024, the Financial Conduct Authority (FCA) issued a warning against IdolFX, believing this company might be providing financial services or products without proper authorization in the UK. https://www.fca.org.uk/news/warnings/idolfxIdolFX displays two certificates to appear legitimate: one is a registration license supposedly from the Australian Securities and Investments Commission (ASIC), and the other is claimed to be from DEFAC.
However, our investigation indicates that IdolFX's registration with ASIC has been canceled. As for DEFAC, it is an independent self-regulatory and external dispute resolution agency specifically for Forex. This agency does not carry the same authority as a financial regulator in the industry. Additionally, DEFAC's register does not list IdolFX.
More importantly, IdolFX has been warned by its local authority, the Financial Conduct Authority (FCA), for lacking the required authorization. This is a significant red flag.
In essence, IdolFX is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.
IdolFX appears to be a scam.
IdolFX displays two certificates to appear legitimate: one is a registration license supposedly from the Australian Securities and Investments Commission (ASIC), and the other is claimed to be from DEFAC.However, our investigation indicates that IdolFX's registration with ASIC has been canceled. As for DEFAC, it is an independent self-regulatory and external dispute resolution agency specifically for Forex. This agency does not carry the same authority as a financial regulator in the industry. Additionally, DEFAC's register does not list IdolFX.More importantly, IdolFX has been warned by its local authority, the Financial Conduct Authority (FCA), for lacking the required authorization. This is a significant red flag.In essence, IdolFX is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.IdolFX appears to be a scam.
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