Updated on February 5, 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 31FX due to the issues we've identified.
Is 31FX Scam or Legit Broker? ▲
Upon conducting an in-depth analysis and review, it has become abundantly clear that 31FX operates as a wholly fraudulent entity. This broker is incorporated offshore and lacks any form of authentic licensure from a recognized and reputable financial regulatory body. It is categorically UNSAFE to engage in trading activities with 31FX. Our stance is firm in discouraging trades with offshore brokers due to the inherently unreliable nature of the financial investment services they purport to offer.
The rationale behind this advisory is straightforward; while the broker may advertise exceptionally enticing trading conditions or environments, traders are left without any form of assurance from official entities tasked with overseeing the Forex industry. Thus, choosing to trade with such entities places traders in a precarious position, relying solely on the broker's word, which is undeniably fraught with high risk.
31FX is identified as a Forex and CFD brokerage entity. The company falls under the ownership and operation of JRV Market Ltd., bearing a registration in the British Virgin Islands, yet conspicuously lacking the requisite licensure to function as a forex and CFD brokerage.
Despite assertions in its terms and conditions of being a registered financial services company in the United Kingdom, our rigorous investigations revealed no evidence of the company's listing in the Register of the UK's regulatory authority, the Financial Conduct Authority (FCA). Notwithstanding these claims, 31FX proffers a British registration address and contact telephone number.
It becomes evident that 31FX is not regulated by any notable authorities and likely operates from an offshore jurisdiction. The lack of regulation among offshore-based, unregulated brokers implies a non-adherence to any set rules, with a majority embroiled in scam operations.
Our exhaustive review strongly advises against trading with brokers that lack licensing from esteemed financial institutions such as the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, and the Australian Securities and Investment Commission (ASIC). These regulatory bodies mandate strict financial and ethical guidelines that licensed brokers must adhere to.
31FX Update
Further scrutiny into 31FX revealed that access to the broker's website is currently obstructed, with no available evidence to ascertain whether the broker remains operational. We persist in our recommendation to steer clear of any offshore-based brokers due to their notorious instability and the absence of stringent regulations.
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.
31FX Review 2024
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