Fx Plannet is an unlicensed broker that we advise against trading with despite the seemingly attractive deals it offers.
Fx Plannet claims to be legally providing investment services as it holds a license issued by the Accounting and Corporate regulatory Authority (ACRA). However, the ACRA is a regulator of business registration, financial reporting, public accountants, and corporate service providers. Mere registration with the ACRA doesn't grant the authorization to offer financial services in Singapore. What's more, we found no records matching Fx Plannet in the ACRA registry. In Singapore, the Monetary Authority of Singapore (MAS) is responsible for financial markets. We searched for this broker in the MAS register but no corresponding records exist. Therefore, any offering of financial services or products by Fx Plannet is illegal. In addition, the Financial Conduct Authority (FCA) issued a warning against Fx Plannet for illegally operation without proper authorization.
Regarding your question, Fx Plannet claims to have offices in Singapore and the UK. However, our investigation found that it does not operate in these two countries in compliance with legal requirements. As such, it is an unlicensed broker with significant risks, including loss of funds and identity theft, as there are no rules in place to protect investors from fraud or theft. In conclusion, we strongly advise investors to stay away from unlicensed brokers like Fx Plannet and instead choose a fully regulated one.
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