Clients Feedback: Investors Accused GrapheneFx of Scam

Because the forex market is full of risks, investing in the market is like walking on a hard road, you never know if you will reach your destination. Investors on this path are often warned that checking the forex broker's license is necessary. However, licensed brokers do not always provide 100% protection for your funds. Here we are going to talk about a licensed but bad-reviewed forex broker - GrapheneFx.

About GrapheneFx's Regulation

GrapheneFx (https://graphenefx.com/) claims to be registered with ASIC as an Authorised Representative of HLK Group, Australian Financial Services Representative Number: 001293538. So we searched the number and found a company named MCPO PTY Limited (former name GRAPHENE TRADING PTY LTD). 

Then we check the license of HLK Group and confirm that it is a company that has authorized to provide forex services to retail clients.

Overall, GrapheneFx is an Authorised Representative of a licensed company.

However, the weird thing is that we can not find any matching results in the Australia Business Register by searching the broker's ACN number: 654 609 024, which means that MCPO PTY Limited may not be an Australian company as it claims. 

GrapheneFx also claims to be registered with NFA, ID No. 0541742. So we searched the NFA register and found a company named GRAPHENE LIMITED. However, please do not be confused and know that the company is not authorized to sell forex products. Since it is not an NFA member, the broker is not under the valid regulation of NFA.

What's more, this broker says it is "regulated" by Saint Vincent and the Grenadines Financial Services Authority (SVG FSA), presenting registration number 26164. Though we can find the company Graphene Limited in the SVG FSA register, it can not prove that GrapheneFx is "regulated" by SVG FSA, because SVG FSA is not even a forex regulator.

Moreover, now that one of its headquarters is located in the UK as presented on the website, GrapheneFx shall obtain a forex license from UK FCA, but it does not.

Clients Feedback

The clients of GrapheneFx seem to have many complaints about the broker.

Some clients reported the withdrawal problem with GrapheneFx. As investors, whether withdrawals can be credited is the most thing we care about since it can best reflect the safety of funds.

Moreover, some other clients said that the broker's promised bonus on its website was fake. And an investor even accuses GrapheneFx of a "scam".

Choosing a trustworthy broker to trade with is always the top subject of forex traders. Therefore, as a forex investor, it is necessary to know that the regulation of an Authorised Representative of an ASIC-licensed company is not as strict as the ASIC-regulated brokers, since the license is issued by an ASIC-licensed broker, instead of directly issued by ASIC.

Though GrapheneFx is an Authorised Representative in ASIC, some regulatory and registration information it offers is confusing and suspicious. And many clients do not recommend trading with this broker. So please think carefully before trading with GrapheneFx.

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