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Is FXRage a scam?
Marilena Hady Notea
Cyprus
2023-09-06
ANSWER Yes, FXRage is a scam.The Financial Conduct Authority (FCA) has red-flagged FXRage, issued a warning to the platform, and clarified that it is not authorized by the FCA. Therefore, FXRage's assertion that it is regulated by the FCA is baseless. You can refer to here for the full FCA warning.In an attempt to appear legitimate, FXRage also claims to be regulated by the Financial Sector Conduct Authority (FSCA) and the Australian Securities and Investments Commission (ASIC), but there isn't any matching result in the registers of the aforementioned regulators, suggesting that the platform is illegal.Therefore, BrokersView strongly suggest investors avoid FXRage. It is an unlicensed broker posing significant risks to traders. Due to the lack of regulatory oversight, individuals dealing with the platform cannot get protected from fraud and identity theft. To mitigate such risks, we highly recommend choosing a fully regulated broker instead.
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FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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