ANSWER Monfex is not a regulated broker for traders even though it states offers that look good to be true. Monfex claims to be owned and operated by SWISS-SVG HOLDING LTD, an entity registered in Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Nevertheless, SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities.What's more, the Spain National Securities Market Commission (CNMV) issued a warning against Monfex for providing financial services without authorization and regulation. You can check the full warning from here.The truth is, Monfex is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Monfex and trade with licensed brokers.
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