Demand FX claims to be registered at the Financial Crimes Enforcement Network (FinCEN) and we did find a company named Demand Fx Limited within this authority's register. However, it is crucial to note that the FinCEN has explicitly stated that the inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency. Therefore, the mere registration with the FinCEN doesn't mean being authorized to legally provide services or products in Forex trading. What's more, it remains unclear whether this MSB registration is related to Demand FX as the website of Demand FX says its company's full name is Demand Fx Global Limited, which is inconsistent with the name on the FinCEN web. 

We conducted further investigation by searching for this company in the National Futures Association (NFA) registry but the result suggests that it is not subject to the NFA's oversight.

Furthermore, Demand FX purports to be based in the UK. As such, it needs to acquire a financial license from the Financial Conduct Authority (FCA). However, our search for it in the register of the FCA indicates that it is not registered with the UK's financial regulator.

In essence, Demand FX is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. 

Demand FX is unequivocally a scam.