Updated on April 8, 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 FxUnited due to the issues we've identified.
Is FxUnited Scam or Legit Broker? ▲
Trading with FxUnited is advised against, as it is an unregulated brokerage entity. Our investigation into this broker has raised numerous red flags, chief among them being its lack of regulatory oversight. Without a proper license, FxUnited's operations are not bound by any financial regulatory standards, making it a risky venture for traders. Furthermore, allegations of fraudulent activities have been attached to the broker's name. Our research has uncovered that FxUnited does not have any legal registration or authorization, putting into question the legitimacy of its operations. Additionally, regulatory bodies have issued warnings against FxUnited, citing deceptive practices. The broker has misleadingly informed its clients of regulatory hindrances as the reason for its inability to process withdrawals, a claim that has been debunked by the FSMA (Belgium). These factors collectively underscore why FxUnited, along with similar unregulated companies, should be avoided.
FxUnited, operating under United Global Holdings Limited, has been a player in the online trading world, targeting traders globally with seemingly attractive offerings despite not being authorized to offer banking and investment services in numerous jurisdictions. The company has encountered significant issues over recent years, including holding onto client withdrawals and misleading representations of its operations in major Forex hubs like the UK, Australia, Malaysia, and New Zealand. Despite projecting an image of legitimacy, FxUnited has been deregistered and has faced allegations of illegitimate investment activities. The Malaysian authorities have taken action against the company, which is accused of defrauding approximately 70,000 investors of around $250 million, a sum that has yet to be reimbursed. This has led to FxUnited gaining notoriety as a fraudulent entity, exploiting unknowing investors, and facing legal challenges.
The paramount importance of safety in trading cannot be overstated, making it crucial to only engage with brokers who have established a reputable presence in the market, are regulated by credible authorities, and adhere to stringent regulations. Our extensive examination of over 1000 brokers has highlighted the significance of choosing a broker that aligns with these criteria. Unfortunately, FxUnited falls short of these standards, as evidenced by its lack of regulatory compliance, allegations of fraudulent activities, and the ensuing warnings from financial regulatory bodies. Our comprehensive review concludes with a strong recommendation to avoid FxUnited and to exercise caution with any future propositions from this broker. As it stands, FxUnited's overall ranking and experience are decidedly negative, emphasizing the need for traders to seek out reputable and regulated brokers to ensure the safety of their investments.
FxUnited Review 2024
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