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• Our Review Method

• Is Millennium FX Scam or Legit broker?

• What is Millennium FX?

• Conclusion

Our Review Method ▲

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 Millennium FX due to the issues we've identified.

Is Millennium FX Scam or Legit broker? ▲

Unfortunately, it is not deemed safe to engage with Millennium FX for trading activities. Millennium FX serves as the trade name for a company that, despite being authorized and regulated, collaborates with the liquidity provider CXMTrading, an entity incorporated in St. Vincent and the Grenadines. This jurisdiction is infamous for its nearly non-existent regulations and requirements concerning forex trading. With low setup costs and no forex trading regulation in place, St. Vincent and the Grenadines has become a haven for questionable forex brokerage firms, including but not limited to CapitalXP and Welkron.

• Safety and Regulation

• Registered in: St. Vincent and the Grenadines

• Type of License: Offshore License

• Is Millennium FX safe to trade: No

• Recommended Licenses: FCA in UK & ASIC in Australia

The lack of stringent regulatory oversight in such offshore locations poses a significant risk to traders, rendering Millennium FX an unsafe option for those looking to engage in the forex market securely.

What is Millennium FX? ▲

Millennium FX purports to offer a wide array of trading options, including Forex, Indices, Cryptocurrencies, and Raw Materials. While the company positions itself as being UK-based, it lacks the crucial authorization from the UK's Financial Conduct Authority (FCA). This absence of local regulation raises red flags regarding its operations and the safety of traders' investments.

Further compounding concerns, Spain's regulatory authority, CNMV, has formally warned against Millennium FX. In its advisories, the CNMV emphasizes that Millennium FX lacks the necessary authorization to provide investment services or any related auxiliary services in the realm of financial instruments and foreign currency transactions.

Despite the broker's claims of registration under the Financial Commission with the number 24912 IBC and association with a respected organization like FinaCom, it's vital to note that FinaCom operates as a self-regulatory body. This status means it doesn't possess the authority to ensure a safe trading environment or regulate the day-to-day operational aspects of its members, thus failing to offer the requisite level of client protection.

Conclusion ▲

In light of the information and findings presented, our strong recommendation is for investors and traders to steer clear of Millennium FX, as well as other brokerage entities based in St. Vincent and the Grenadines. The absence of robust regulatory oversight in such jurisdictions significantly increases the risk of unethical practices and financial loss.

For those seeking a reliable and secure trading experience, it is advisable to consider engaging with brokers regulated by reputable authorities such as the FCA in the UK or ASIC in Australia.

Millennium FX Update

It has come to our attention that Millennium FX's website is currently inactive and unreachable. This development indicates that the broker has ceased its trading services and is no longer accepting new account openings. This situation further underscores the concerns raised regarding the reliability and operational integrity of Millennium FX, reinforcing our recommendation to avoid this broker and seek alternative, more reputable trading partners.