Updated on January 29, 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 Circleforex due to the issues we've identified.
Is Circleforex Scam or Legit Broker? ▲
Circleforex presents itself as a Forex trading platform but raises significant concerns regarding its legitimacy and operational security. The entity claims affiliation with Huanying International Limited, asserting regulation and location in New Zealand. Nonetheless, Circleforex's legitimacy is highly questionable as it lacks a license from any globally recognized Forex regulatory body. This absence of a proper license suggests that Circleforex might be operating fraudulently, as it has not undergone any form of compliance verification before its establishment, nor is it subject to ongoing safety and operational monitoring. Therefore, engaging with Circleforex poses a substantial risk to traders due to its unregulated status and the potential for fraudulent operations.
Circleforex, also known as Yuanhui Finance, portrays itself as a Forex broker offering an array of investment products, including currency pairs and precious metals. The broker's website claims possession of a New Zealand financial service provider license (number: FSP476086). However, a thorough investigation reveals that there is no record of such a company within the regulator's register. While Huanying International Limited does exist and the license number cited is associated with FMA-regulated Huanying International Limited, there is no connection to Circleforex or Yuanhui Finance.
Adding to the concerns, the Financial Markets Authority of New Zealand has recently issued a warning against Circleforex/Yuanhui. This warning advises exercising caution before engaging with Circleforex.com, as the website falsely claims association with FSP476086 in New Zealand. This misinformation further discredits Circleforex/Yuanhui's legitimacy and raises doubts about its operations. Furthermore, the broker's website's exclusive availability in Chinese targets a specific market, limiting its accessibility and transparency for a broader audience.
In light of the information and evaluations conducted, we strongly advise investors and traders to steer clear of Circleforex and other unregulated brokers. The lack of clear regulatory information, vague trading conditions, and the absence of accessible contact details are major red flags that suggest the possibility of investment scams. Traders are encouraged to engage with brokers regulated by reputable authorities, such as those in the UK or Australia, and to consider reliable trading platforms like AvaTrade and FXTM for a secure trading experience.
It is also important to note that the Circleforex website has recently become inactive and unreachable, indicating that the broker may have ceased its trading offerings and is no longer opening accounts. Despite this, traders should remain vigilant and cautious of any trading proposals that may arise from this entity or similar unregulated brokers. The safety and security of investments can only be assured by choosing brokers that are transparent, well-regulated, and have a proven track record of fair and ethical trading practices.
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.
Circleforex Review 2024
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