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Is EXOTRADEFX regulated?
Constantine Ogor
Philippines
2023-08-30
ANSWER EXOTRADEFX is not only unregulated but also has been warned by a financial regulatory body.EXOTRADEFX's claim that it is regulated by the US Securities and Exchange Commission (SEC) is unfounded, as there are no matching records in the register of the SEC. While the platform engages in forex trading and brokerage, there are no indications that it is registered with the US National Futures Association (NFA).Another assertion from EXOTRADEFX is false, either. It purports to be regulated by the Investment Industry Regulatory Organization of Canada (IIROC), but our search for the company on the regulator's register didn't yield any results.Furthermore, the Financial Conduct Authority (FCA) has issued a warning against EXOTRADEFX, cautioning investors of this unauthorized firm.Therefore, BrokersView has concluded that EXOTRADEFX is a scam. Entrusting this broker with investors' funds and personal information is highly risky, as there are no rules in place to prevent fraud or theft. To mitigate those risks, it is advisable to avoid such unregulated brokers as EXOTRADEFX and choose a fully regulated one.
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