ANSWER CryptolFX does not fall under regulation and should be avoided at all events. CryptolFX claims it is a trustable broker while not mentioning any details of its regulatory information, which is a distinctive characteristic of an unlicensed broker, as licensed brokers always display their credentials and licenses in a prominent place. Besides, this broker mentions its location in the offshore zone St. Vincent & the Grenadines. We searched in the St. Vincent & the Grenadines Financial Services Authority (SVG FSA) and did find a matching result. But SVG FSA does not issue license of forex services nor regulate any forex activities. In other words, this broker is merely a registered firm with SVG FSA that operates under no regulation.What's worse, Italy regulator Commissione Nazionale per le Società e la Borsa (CONSOB) has issued a warning that this firm has not been authorized to provide forex investments and services. You may visit the full warning here.As per the evidences above, our conclusion is that CryptolFX is thoroughly a scam for running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders stay away from this broker and trade with licensed brokers.
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