86FXTRADE is not a licensed or regulated broker even though it states offers that look good to be true.
86FXTRADE claims to be a regulated broker with regulations in multiple authorities including:
1) The Malta Financial Services Authority (MFSA);
2) The United Kingdom Financial Conduct Authority (FCA);
3) The France Autorité des Marchés Financiers (AMF);
4) The Germany Federal Financial Supervisory Authority (BaFin);
5) The Italy Commissione Nazionale per le Società e la Borsa (CONSOB);
6) The Spain National Securities Market Commission (CNMV);
7) The Denmark FINANSTILSYNET (Danish FSA).
Besides, the broker also presents two made-up regulators "the US Financial Services Authority" and "the French Prudential Supervisory Authority (ACP)". Please be informed that the United States National Futures Association (NFA) is the forex regulator in the USA.
After we searched the mentioned regulators accordingly, we did not find any results that matched this broker in FCA, AMF, BaFin, CONSOB, Danish FSA, CNMV or NFA. Moreover, we found that MFSA issued a warning that 86FXTRADE is not a Maltese registered company nor licensed or otherwise authorized by the MFSA to provide any investment services or other financial services which are required to be licensed or otherwise authorized under Maltese law. You can check the full warning from here.
The truth is, 86FXTRADE 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 86FXTRADE and trade with licensed brokers.
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