Regina Forex is not a legit broker and should be avoided at all events. Regina Forex claims it was founded in 2010 with more than 10 years of industry experience. However, when we check on the Internet, we found it was newly established in 2021. It is a red flag here.
The broker claims to be registered in Canada and seems to be a legit, licensed brokerage by showing its registration (license number M21068549) with MSB, which refers to the Canadian FINTRAC license. Well, it's not! As you may know, FINTRAC has no power to authorise FX brokers, so Regina Forex Limited is just registered as a transaction reporting entity. That is to say, the entity falsely claims to be a licensed broker. This is another scam red flag here.
In fact, for a Canadian forex company, if Regina Forex wants to call itself a licensed broker, it needs to get authorised by the Investment Industry Regulatory Organization of Canada (IIROC), which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Based on the information, we can conclude Regina Forex provides traders with forex trading services but it lacks any kind of regulation. Therefore, it is thoroughly a scam.
We would recommend traders to stay away from unregulated brokers like Regina Forex and trade with licensed brokers.
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