BOGS Markets is not a reliable broker for traders even though it states offers that look good to be true.
BOGS Markets claims to be an authorized broker under double supervision, including the United States National Futures Association (NFA) regulation (ID: 0523413) and Canada MSB authoritative supervision approved by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) (ID: M19911333).
But first, FINTRAC neither regulate forex markets nor issue licenses for brokers engaging in such activities. So please beware of brokers claiming their MSB regulation by Fintrac, since they are actually unlicensed.
Besides, we indeed found a result matching this broker in NFA's registry, however, BOGS Markets is not overseen by NFA as it is not an approved member of the regulator. As a forex trader, you must bear in mind that if a broker claims to be eligible to solicit US customers in forex activities, it must: 1) be accredited as an approved Forex Dealer Member of NFA; 2) be admitted as a "retail forex exchange dealer." Obviously, BOGS Markets doesn't satisfy these conditions.
The truth is, BOGS Markets 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 BOGS Markets and trade with licensed brokers.
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