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Does BoneyMarket regulated or not?
Mohammad Abdullah
Nigeria
2022-11-04
ANSWER BoneyMarket is not a licensed or regulated broker even though it states offers that look good to be true. BoneyMarket claims to be a reliable firm while presenting neither details about its regulations. Lacking regulatory information may be a distinct characteristic of unlicensed brokers, as legit brokers always present their certificates and licenses in a prominent position. It is a red flag here.Besides, BoneyMarket claims it is headquartered in Bulgaria and has branch offices in Singapore, the United Kingdom, Katar, and Poland. As per relevant law, we searched in several regulatory bodies, including:1) The UK Financial Conduct Authority (FCA);2) The Bulgaria Financial Supervision Commission (Bulgaria FSC);3) The Polish Financial Supervision Authority (PFSA);4) The Monetary Authority of Singapore (MAS).However, we did not find any match results to BoneyMarket in the above watchdogs' registries. The truth is, BoneyMarket is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Areatrading and trade with licensed brokers.
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