ANSWER GLEX is an unlicensed broker despite offering seemingly attractive deals.GLEX claims to be a reliable broker but provides no information about its regulatory status. This is a red flag because legitimate brokers always present their accreditation and licenses prominently. As per UK law, brokers operating in the UK are legally required to obtain authorization from the Financial Conduct Authority (FCA) in order to offer financial services or products. However, when searching for this UK-based broker in the FCA's registry, we found no results matching to it. That means GLEX is not regulated.Regarding your question, we advise against dealing with GLEX since it is an unauthorized broker. Letting it hold and control your funds or trading with it is very risky, as there are no safeguards in place to prevent fraud or theft. Therefore, we strongly suggest investors avoid unlicensed brokers like GLEX and choose fully regulated ones instead.
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