Covey Fx is not a regulated or licensed broker.
Covey Fx claims to be a regulated broker without presenting any information about its regulation. The lack of such important information may be a distinct signal of unlicensed broker, as regulated brokers always present their accreditations and licenses in a prominent position. It is a red flag.
Covey Fx claims it has two offices in Singapore and Hongkong. As per relevant laws, all firms and individuals offering, promoting, or selling financial services or products in Singapore or Hongkong shall be authorized by the Monetary Authority of Singapore (MAS) or the Hongkong Securities and Futures Commission (SFC).
We firstly searched SFC but found no matching result. Then we searched MAS and found a warning. MAS added Covey Fx into its alert list, warning public that Covey Fx is not authorized to provide financial services in Singapore. You can check the full warning from here.
These proofs make it clear: Covey FX is not regulated by any regulators to provide forex services. Investors' funds in the broker are unsafe and cannot be protected by any laws. We would recommend traders stay away from unregulated brokers like Covey FX and trade with licensed brokers.
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