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    Home » Blog » 5 Fraud Forex Brokers In Asia
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    5 Fraud Forex Brokers In Asia

    adminBy adminDecember 8, 2022No Comments4 Mins Read
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    Planning to start trading Forex? Your first objective should be identifying Brokers to Avoid and selecting the most trustworthy and safe forex trading provider. There are several brokers among the market proposals, some of which are regulated—they have licensed or are oversight by the industry regulator—while others are not or may be headquartered in offshore regions with lax standards.

    To help you choose and provide you with the best forex trading platform, we have conducted extensive research, analyzed a wide range of Forex Brokers, and created a thorough review of the 5 fraud forex brokers in Asia. 

    Read Also- Fi Money Review

    Top 5 Fraud Forex Brokers In Asia

    StarkMarkets

    StarkMarkets gives global traders access to a range of more than 70 financial assets, including Forex and CFDs. Due to its hidden fees and lack of oversight, Stark Markets generally has a bad reputation. 

    The broker was initially owned by the company that was repeatedly placed on the EU authorities’ blacklist. It is still risky to invest in this company, which is possibly why they replaced the company that was using the brand name.

    Overall, because StarkMarkets is unregulated, it is unsafe to trade with them. Starkmarkets.com is run by Krisimark Ltd, a company legally incorporated in the Republic of Bulgaria, EU, with registration number 206066758.

    Although the broker asserts that it is based in Bulgaria and is licensed there, we were unable to identify any evidence of this or any mention of the broker in the record of the Bulgarian Financial Supervision Commission.

    Fx Option Trade247

    Since Fx Option Trade247 lacks a license from any credible global Forex body, it cannot be considered a secure forex broker. In other words, the broker is suspected of being a fraud company given that it was never investigated for compliance before being established, was never watched over for safety, and is free to run the business any way it sees fit.

    Since Fx Option Trade247 is an offshore broker, trading with them is unsafe. The owner and operator of Fx Option Trade247 are EXPERT Ltd, a Seychelles-based company. When it comes to the rules governing brokers, things become rather perplexing. Fx Option Trade247 asserts that it is subject to multiple international regulations, but its registration information indicates that they are actually affiliated with another broker, BDSwiss.

    TraderKing

    TraderKing claims itself to be a trustworthy international CFD and Forex broker. Over 100 trading products, including currency pairings, commodities, CFDs, oil, indices, and cryptocurrencies, are available from the firm. Additionally, they offer a variety of desktop, online, and mobile trading platforms to its customers, including MetaTrader 4.

    Given that TraderKing is an offshore broker, trading with them is not secure. The group of businesses that includes Lotens Partners LTD, with company registration number 25471 and registered address Suite 305 of the Griffith Corporate Centre at PO Box 1510 in Beachmont, Kingstown, St. Vincent and the Grenadines, owns and operates the broker.

    AMarkets

    AMarkets is not among the safe Forex brokers since it lacks a license from a reputable forex regulatory body anywhere in the globe. Meaning that the broker is suspected of being a fraud organization given that it was never investigated for compliance prior to being established, never underwent safety monitoring, and is free to do business however it sees fit.

    Trading with AMarkets is risky because it is an offshore broker. AMarkets has a registration number of 22567 IBC 2015 with the Financial Services Authority (FSA) of Saint Vincent. AMarkets is a participant in The Financial Commission, an organization that offers impartial, external dispute resolution (EDR).

    LionsFM

    LionsFM is not authorized to engage in financial activities in Austria that call for a license. As a result, the broker is prohibited from engaging in commercial activity.

    Because LionsFM is an offshore corporation, trading with them is unsafe. LionsFM is owned and run by EQUAL TARGET LTD., a business registered in the Republic of the Marshall Islands under license number 101932.

    Conclusion

    All traders and investors are strongly advised to steer clear of these aforementioned fraud brokers based in the Marshall Islands and other offshore locations. Investors should trade with reputable brokers like Capitalix, TradeEU and InvestFW, who are well-regulated and abides by international laws and regulations.

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