Raw Forex claims to operate under Raw Forex Ltd, registered in Saint Vincent and the Grenadines (SVG), and states it maintains a physical presence in Turkey. Our verification confirms that a matching entity exists in the registry of the SVG Financial Services Authority (FSA). However, this registration only confers International Business Company (IBC) status, which is not equivalent to a financial services or forex trading license. Importantly, the SVG FSA explicitly states that it does not regulate or authorize forex brokers. Furthermore, our investigation found that Raw Forex is not licensed by Turkey’s Capital Markets Board (CMB)—nor by any other recognized financial regulatory authority worldwide. This complete lack of legitimate oversight is a major red flag strongly indicative of a fraudulent operation. Therefore, it is a scam.