ANSWER Dear investor,
TotalFX operates under the brand name of Onam Trading (Pty) Ltd, which is regulated by the Financial Sector Conduct Authority (FSCA), under license number 51105. A search of the FSCA’s official licensing register confirms the existence of a registered entity with a matching name. However, the FSCA does not publish information about its licensees’ websites, nor does it list the brand names used by licensed firms. Consequently, we are unable to independently verify whether the TotalFX platform is genuinely affiliated with the licensed entity.
It is also important to be aware that the FSCA is generally regarded as an offshore regulator with less rigorous oversight and limited investor protection measures. This means that holding an FSCA licence does not necessarily ensure strong safeguards for your funds.
Therefore, we advise you to exercise caution when considering investing with this broker. Please be aware that forex trading is inherently risky, and that due diligence is of the utmost importance.
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