FxForTrade is not a regulated or licensed broker for traders even though it states offers that look good to be true.
FxForTrade claims to be a licensed broker under miltiple regulations, including:
1) the United Kingdom Financial Conduct Authority (FCA);
2) the Investment Industry Regulatory Organization of Canada (IIROC);
3) the Canadian Investor Protection Fund (CIPF);
4) Australian Securities & Investment Commission (ASIC);
5) Cyprus Securities and Exchange Commission (CySEC);
6) the National Bank of the Republic of Belarus (NBRB);
7) the Mauritius Financial Services Commission (Mauritius FSC).
After the investigation, we did not found any matching results in IIROC, ASIC, CySEC, or Mauritius FSC. (NBRB's website is inaccessible currently). And the CIPF is not a forex regulator.
What's more, FCA issued a warning against FxForTrade for being a clone firm. FCA claims that the fraudster was using the details of firms UK FCA authorise to try to convince people that it works for a genuine, authorised firm. You can check the full warning from here.
The truth is, FxForTrade is not overseen by any regulators. But this broker currently has not received any warnings from any regulators. We would recommend traders stay away from unregulated brokers like FxForTrade and trade with licensed brokers.
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