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Is Globalprofxtrade been warned ?
Oner Hawkins
Madagascar
2023-11-01
ANSWER Yes, Globalprofxtrade has been warned by the Financial Conduct Authority (FCA) for carrying on unauthorized activities in the UK. This appears to be fraudulent scheme.There are several red flags suggesting that Globalprofxtrade is a scam.Globalprofxtrade claims to be founded in 2010. However, its domain name, globalprofxtrade.com, was first created in July 2023. This discrepancy strongly suggests that it is not an honest company.While having an address in the US, Globalprofxtrade fails to be registered as an member of the National Futures Association (NFA). As per US law, forex brokers in this country are required to be regulated by the Commodity Futures Trading Commission (CFTC) and the NFA. Non-NFA members are not allowed to accept American customers.In addition to the illegal operations in the US, Globalprofxtrade also provides financial services or products in the UK without the necessary financial licenses. As such, the FCA, the financial watchdog in this country, has added Globalprofxtrade to its warning list as an unauthorized firm. The full FCA warning can be accessed here.Therefore, entrusting Globalprofxtrade with funds and personal information is highly risky, as there are no rules in place to protect investors from fraud and identity theft. To safeguard traders' interests, we strongly suggest investors stay away from unlicensed brokers like Globalprofxtrade and instead choose fully regulated ones.
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