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Is FOREXCLAP reliable?
PC Velikov
Malaysia
2023-10-17
ANSWER No, FOREXCLAP is not reliable. It is an unlicensed broker that poses significant risks to investors.The website of FOREXCLAP claims that it has been operating in the forex trading industry since 1990, but a domain lookup reveals that "forexclap.com" was only created in June 2022. This inconsistency is a clear warning sign.FOREXCLAP pretends to be a UK-based company and to have a license in this jurisdiction. However, the UK Financial Conduct Authority (FCA) has uncovered its deception by issuing a warning against the platform, alerting the public of this unauthorised firm. You can access the full FCA warning here.In short, FOREXCLAP is not supervised by any regulatory authority. Investing with this broker is extremely risky, as there are no legal safeguards to protect the funds. Individuals dealing with the platform are exposed to substantial risks of fraud and identity theft, which could be financially and personally devastating. To mitigate these risks, we strongly suggest investors steer clear of unlicensed brokers like FOREXCLAP and instead choose a fully regulated one instead.
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