Updated on March 5, 2024
Quick Links
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 FXtrade777 due to the issues we've identified.
Is FXtrade777 Scam or Legit Broker? ▲
Investigations into FXtrade777 have led to alarming discoveries that strongly suggest it operates as a scam broker. Notably, FXtrade777 has been blacklisted by a reputable regulatory authority, underlining the need for traders to steer clear of this broker. Owned by Silver Wolf Limited, a company incorporated in the Marshall Islands, FXtrade777 is part of an offshore jurisdiction notorious for its lack of stringent regulatory measures. The Marshall Islands is widely recognized for its minimal requirements and oversight concerning forex trading, making it a hotspot for dubious forex brokers, including the likes of MegaTradeFX and Finbitex. Given the substantial risks associated with trading with FXtrade777, traders are strongly advised to look elsewhere for their trading needs.
FXtrade777 emerges as an offshore brokerage entity, offering a platform for trading forex, CFDs on commodities, indices, and stocks. The brokerage is under the ownership of Silver Wolf Limited, with IT and financial administration services provided by Blond Bear OU, based in Tallinn City, Estonia. Despite FXtrade777's self-proclaimed status as a trusted and widely recognized online brokerage firm, several concerning factors warrant attention. The Marshall Islands, where FXtrade777 is registered, is a popular offshore destination lacking proper forex broker regulation. Moreover, the broker's association with Blond Bear OU, a company repeatedly warned against by multiple regulatory bodies, raises significant red flags. Notably, this Estonia-based company has never been regulated or held a license, and it has been involved in multiple warnings issued by various regulators, including a stark warning from the Belgian FSMA against its operations under the TradeDax trading name. The absence of regulation means that FXtrade777 is not bound by the stringent rules that regulated brokers must adhere to, such as maintaining segregated client accounts, providing negative balance protection, and ensuring a minimum operational capital. Consequently, the safest and most reliable way to participate in Forex trading is by choosing a well-regulated broker with favorable offerings.
After thorough investigation and consideration, we strongly advise traders to avoid engaging with FXtrade777 or any entities associated with this broker. The market offers a plethora of well-regulated brokers that provide a safer and more reliable trading environment. It is in the best interest of traders to opt for brokers regulated in reputable jurisdictions, such as the UK or Australia, and to consider dependable brokers like AvaTrade and XM. Given the significant concerns surrounding FXtrade777, including its blacklisting by a reputable regulatory authority and its association with an unregulated company, traders should exercise caution and seek alternatives. Moreover, with the FXtrade777 website currently inactive, it further underscores the importance of staying vigilant and avoiding any propositions that may arise from this broker.
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.
FXtrade777 Review 2024
