Updated on January 26, 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 True4x due to the issues we've identified.
Is True4x Scam or Legit Broker? ▲
Our assessment has led us to advise against registering with True4x, as it is an offshore entity under the ownership of True Forex Limited, based in St. Vincent and the Grenadines. This location is infamous for its virtually non-existent regulation and oversight, making it a haven for questionable forex brokers such as Brokerz and TraderUR. Our extensive research across over 1000 brokers has highlighted the significant risks involved in trading with entities from St. Vincent and the Grenadines, as detailed in our comprehensive article on the subject.
True4X operates under True Forex Limited, situated in the jurisdiction of Saint Vincent and the Grenadines. Despite also having a registration in the UK as True4x Limited, it is merely classified as a provider of combined administrative service activities, without the necessary regulatory oversight for forex trading.
True4X promotes itself on the basis of non-compromised safety in business operations and the critical importance of regulatory compliance for reliability and trustworthiness. Nonetheless, this claim falls short as the broker only possesses registration in the relatively lax regulatory environment of Saint Vincent and the Grenadines, known for its minimal incorporation requirements. This jurisdiction has become notorious as a base for less-reputable forex brokers such as Pro TradeFX and Binomo, among others. Our detailed examination of the risks associated with brokers from St. Vincent and the Grenadines underscores the potential dangers.
In stark contrast to the rigorous regulations set by authorities such as the FCA in the UK or ASIC in Australia, the regulatory framework in SVG fails to enforce stringent compliance with operational standards for financial service companies. This lack of strong international regulatory oversight significantly diminishes the safety and reliability of trading with entities based in this jurisdiction. Leading regulatory bodies regularly monitor brokers to ensure adherence to rules and standards that safeguard the interests of traders, including provisions in the event of insolvency. Consequently, we strongly recommend choosing brokers regulated by ASIC or other reputable authorities to ensure a secure trading environment.
Despite True4x's claims of a successful history, technological advancements, and long-term relationships with traders through its offerings in Forex and CFDs trading, the absence of proper regulation is a glaring disadvantage. It is prudent to opt for well-regulated and reputable brokers instead of risking engagement with an offshore entity that may present unforeseen challenges.
We strongly advise all investors and traders to steer clear of True4x and other brokers operating from St. Vincent and the Grenadines. It is in the best interest of traders to opt for well-regulated brokers that offer a safer and more reliable trading environment.
True4X Update
Our latest findings indicate that the True4x website is now inactive, signaling that the broker has ceased its trading services. Regardless, we urge caution and recommend avoiding any offers that may arise from this entity in the future.
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.
True4X Review 2024
