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Is Effortwe licensed?
Vitaliy Dubiv
Russia
2021-10-19
ANSWER Effortwe is NOT a licensed broker. This broker claims to be a global online foreign exchange and differential broker registered and supervised in many countries without presenting any details about its trading license and contact information. The lack of information (or false information) about the broker's regulation, contact details and requisite legal documents is always the biggest bad sign for potential traders. According to the location shown on its MT5 software, this broker, operated by EFFORTWE GLOBAL LIMITED, is a UK-based company registered with Companies House. However, Companies House is only the United Kingdom's registrar of companies, it is not the regulator that approves licenses for the brokers in the UK. The truth is, there is no regulatory information about Effort can be found on the UK's Financial Conduct Authority (FCA) online registry, as well as on any other financial regulators' websites. Our final conclusion is that Effortwe is thoroughly a scam on account of running the business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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