Avan Investment is not a licensed broker and should be avoided at all events. Avan Investment claims that it is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and is authorised and regulated by the UK regulator Financial Conduct Authority (FCA). However, these are just false and misleading claims.
Firstly, the broker stated that it becomes one of the IIROC members. Searching information of registered company on IIROC, we found no results about Avan Investment. Moreover, the firm says it is authorised and regulated by FCA with the register entry number #608130. But when searching with the number on FCA, we found that the information just belongs to another company called Beta Money Transfers A/S, who does not manage forex business and has no connection with Avan Investment. So Avan Investment is actually not regulated by any financial regulator.
What's worse, the New Zealand regulator FMA has issued a formal warning about Avan Investment for its suspected scams. You can check full alert or warning here.
As per the evidences above, our final conclusion is that Avan Investment 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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