Scam Alert: Is Trans X Markets Licensed or Not?

Trans X Market Limited, the operating firm of Forex broker Trans X Market, claimed to be licensed to provide a ‘gateway to global market success’ for investors. However, the regulatory status of the broker has raised doubts among financial consumers.

According to the website of Trans X Market (https://transxmarket.com/), it is a financial service provider that offers instruments such as Forex, CFD, spread betting, and other related services.

It boasted itself to be ‘the best forex broker for online trading’ while claiming to be regulated and incorporated by the Financial Services Registry of St.Lucia.

_{Trans X Markets claims to be registered in Saint Lucia}

Even though the registration details have been found on the portal of the International Financial Centre (IFC) in Saint Lucia, an International Business Companies Registry, our team wants to remind investors that a legal forex broker must be licensed by a financial watchdog that oversees related financial activities, instead of a business registry.

_{Trans X Markets is registered with the International Financial Centre in Saint Lucia.}

It is also worth mentioning that the financial regulator of St. Lucia, the Financial Services Regulatory Authority (FSRA) has stated that forex trading activities are not locally licensed there.

In other words, Trans X Markets did not present any valid financial license, nor provide services under the regulation of financial watchdogs.

What’s more? A client of Trans X Markets has reported withdrawal issues on the platform, saying ‘Transx Market are not letting me withdraw my funds’.

The investor Sharma presented a screenshot of his account on Trans X Markets and said he had deposited $2,000 on the platform.

_{A screenshot of the trading account provided by victim.}

At the initial stage of his investment, Sharma lost some of the capital by using an automated trading bot provided by the broker. He recovered the losses by manual trading and brought the balance to $2,173.

However, an endless wait began when Sharma submitted a withdrawal request. The broker just kept delaying processing his request, even though he urged for the result time and again.

The BrokersView team has sent an email to Trans X Markets regarding this matter but has not received any reply as of this writing.

Similar situations happen all the time when investors encounter unregulated forex brokers.

Unfortunately, the funds handed over to unlicensed brokers are almost impossible to recover due to offshore operations and money mules, making clients or victims bear the loss.

One of the most effective ways to avoid falling for investment scams is never dealing with financial service providers without valid licenses. Your funds would not be protected by the laws if you chose to work with unlicensed brokers, so be prepared to lose money to scams when you decide to take this adventure.