Updated on March 20, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding 69Brokers due to the issues we've identified.
Is 69Brokers Scam or Legit Broker? ▲
Trading with 69Brokers is not recommended and poses significant risks. The brokerage fails to provide crucial information regarding the company that operates under the 69Brokers brand name, alongside any regulatory details. Although the firm claims to have its headquarters in several notable locations, including London, it lacks authorization from the UK's Financial Conduct Authority (FCA), making its operations unregulated and illegal.
69Brokers markets itself as a premier trading platform for Forex, Futures, and Commodities. Despite listing addresses and contact numbers in Britain among other locations, the absence of a license from the FCA or any other regulatory body implies the firm operates without legal permission. Moreover, the Swiss Financial Market Supervisory Authority (FINMA) has issued alerts against the brokerage. Further investigations have uncovered a history of withdrawal complications and periods of inactivity on both their trading platform and website, which is notably rife with spelling mistakes.
There are no discernible advantages to trading with 69Brokers, given the significant concerns outlined.
Lack of regulatory information and company background details
No license from the Financial Conduct Authority (FCA) or any other regulatory authority
Warning issued by the Swiss Financial Market Supervisory Authority (FINMA)
Reported issues with withdrawals and platform downtime
Presence of spelling errors throughout the website, indicating a lack of professionalism
The inactivity of the website, suggesting the cessation of operations
Our advice to potential investors and traders is to steer clear of 69Brokers and other unregulated entities. The absence of essential details such as the broker's regulatory status, trading conditions, and contact information serves as a substantial warning sign. Companies lacking transparency often engage in investment scams.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
69Brokers Review 2024
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