ANSWER Freserves is NOT a legitimate broker and should be avoided at all events. Freserves claims to be headquartered in the UK, however, it is currently not regulated or overseen by any regulator when we checked on the UK's Financial Conduct Authority (FCA). That means investors' funds in this broker is unsafe and cannot be protected by any laws. What's worse, the Cyprus regulator CySEC and the UK's regulator FCA have successively added Freserves to the blacklist to warn the public that this firm has cloned the information of regulated entities. You can check full alert or warning from CySEC and FCA on Freserves respectively. As per the evidences above, our final conclusion is that Freserves is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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