TRADEFXM is not a licensed broker and its claims cannot be reliable. While they provided addresses in the UK and the UAE, there is no guarantee that these locations are actual.
TRADEFXM claims to be a UK-based forex broker, but this is a false and misleading statement. The Financial Conduct Authority (FCA), the official regulator of financial services in the UK, has issued a warning against TRADEFXM, stating that it is an unauthorized entity that has no licence to operate in the UK. You can refer to here for the full FCA warning.
Furthermore, despite the UAE address, TRADEFXM is not registered with the financial watchdogs in this country, including the Central Bank of the United Arab Emirates (CBUAE), the Securities and Commodities Authority (SCA), and the Dubai Financial Services Authority (DFSA). This means that TRADEFXM is not subject to any rules or standards that protect investors' funds and interests in this jurisdiction.
Therefore, there is no evidence to support the legitimacy of TRADEFXM. If you deposit money with TRADEFXM, you are exposing yourself to a high risk of losing it all, as there is no guarantee of security or compensation. To mitigate the risks, we strongly suggest invstors stay away from unlicensed brokers like TRADEFXM and instead choose a fully regulated one.
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