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Should I trade on BESTONFX? Is BESTONFX reliable?
Monika Sharma
Poland
2024-01-15
ANSWER No, BESTONFX is considered unreliable. It is an unlicensed forex broker.BESTONFX, self-proclaimed as the top and most secure Forex broker in Thailand and a legitimate UK broker, but the broker only offers an MSB registration with the U.S. Financial Crimes Enforcement Network (FinCEN) as evidence of its legitimacy. However, FinCEN, a financial intelligence unit, doesn't license or regulate the forex market, and an MSB registration doesn't equate to a financial regulator's license.Despite its Hong Kong location on the MSB certificate, there's no matching entry in the Hong Kong Securities and Futures Commission (HKSFC) register. Similarly, our search in the UK's Financial Conduct Authority (FCA) database and the Bank of Thailand's (BOT) list of financial service providers yielded no results for BESTONFX.Without regulatory oversight, BESTONFX's claims are not trustworthy. Individuals trading with this unregulated broker are exposed to fraud and identity theft. To have a safer trading experience, it is advised to steer clear of such unregulated brokers as BESTONFX and instead choose fully regulated ones with robust reputations.
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Risk Warning:

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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