Missing a Legal License! the UK FCA Warned Against Trademorefx

Many forex scams rely on offering good trading conditions to appear victims' eyes in order to pull off the scam. The most common way involves claiming superior spreads, execution and service. However, when you search some information of the broker on the Internet, you would find that's totally untrue. Moreover, it is more usual for you to learn a reality- the scam broker has no regulation and was warned by global financial regulator before.

Recently, BrokersView learned that the forex broker Trademorefx is one of the above scammers.

Trademorefx Lacks Relevant Information

Trademorefx is not a reliable broker for traders even though it states offers that look good to be true. The entity seems scanty with relevant information missing, including legal documents, deposit&withdrawal methods, and account types. More so, this broker does not offer funds separation guarantee and money back guarantee, which means trading on such platform is clearly a risk as your money cannot be protected.

Besides, in its "User Registration" part, we noticed the broker has no demo account for traders. Since traders can't test it on a free demo account, we can't know its viability in the forex market before we open a real trading account.

The UK FCA Issued a Warning Against Trademorefx 

Trademorefx portrays itself as a legal business providing investors with forex services. But actually it is not entitled to operate on any market because it runs without a license.

Clicking "Contact" information at the top of its homepage, the firm shows its official address is in London, United Kingdom. As per the United Kingdom law, all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by the UK financial regulator — FCA. As the fraud claims to be located in UK, it must operate with an FCA license. However, it has no license. What's unexpected, we found a warning about the company in the FCA registry:

On 6 January 2022, FCA added Trademorefx to its alert list, saying that the firm is not authorised by it and is targeting people in the UK. In other words, the entity is an unregulated forex broker. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

To make sure you are dealing with a regulated broker, BrokersView suggests you find easily the broker's regulation information before you are going to deal with it. Lack of information is a big red flag since you don't know who will be dealing with your money.

We welcome you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.