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Regulators Warn Clients to Avoid Trading with FXGiants

时间:2022-06-16 21:57  来源:  作者:  浏览:617

Has your broker scammed you? If so, you are not alone. While there are many legitimate financial intermediaries in the forex market, scammers also exist in abundance. Today, we discuss FXGiants to help you know if it is worth signing up?   

 

Overview

FXGiants says it is a brand name of Notesco UK Limited. Founded in 2016, the broker offers retail trading services across multiple asset classes, including forex, stocks, and indices. FXGiants other services include PAMM accounts, social trading and VPS hosting. 

FXGiants serves clients via two domains - www.fxgiants.co.uk and www.fxgiants.com. Here is the thing: www.fxgiants.co.uk claims to be regulated by the FCA under license No. 585561. After our check, we found the FCA license No. 585561 belongs to a company named NOTESCO UK LIMITED, who has a registered email address - compliance@ironfx.co.uk, and a registered website -  www.ironfx.co.uk. We contacted the official online customer service of www.ironfx.co.uk for verification, and got a reply: www.fxgiants.co.uk and www.fxgiants.com both belong to www.ironfx.co.uk. However, please note that www.ironfx.co.uk has been reported a wide range of withdrawal issues in 2015. Therefore, you should be careful to trade with it and its connected companies and pay attention to the risks!

 

Is FXGiants Regulated?

As we mentioned in the last paragraph, you should pay attention to and verify the company's regulatory status in the financial authority.

You should be aware that even if your broker is regulated, it can still take your money and run away.

The biggest difference between regulated and non-regulated entities is that the finances of regulated companies are monitored by regulators, who can assist you in claiming some of your financial losses, especially in the event of misconducts. For instance, brokers under FCA regulations typically allow UK-based clients to seek compensation of up to £85000 in registration with IFSC.  

 

Clientele Feedback

Unfortunately, clients have had many issues with the firm, including but not limited to delayed withdrawals, latency and slippage problems, and poor customer support. However, withdrawal issues have been the most prevalent. 

According to FXGiants' customers, the company either doesn't process withdrawals or keeps clients waiting for several days before releasing their funds. Let us share some screenshots below. 

Clients also accuse the broker of price manipulation. FXGiants' customers believe that the company trades against them. The company also receives critics for unjustified account closures. Clients have reported several times that the company blocks access to their accounts as soon as they start accumulating profits.  

 

Warnings Issued by Regulators

FXGiants makes it abundantly clear on its website that its services are "not geared at EU residents and fall outside the European & MiFID II legal framework." The Italian financial authority CONSOB, on the other hand, did not believe that this was sufficient and has lately placed FXGiants on a blacklist.

 

How to spot if your broker could potentially be a scam entity?

Almost all scam entities operate more or less in a similar manner. For instance, they might restrict your access to your trading account, delay withdrawal requests, ask for more deposits, etc. Further, your company might not respond to your queries and concerns. If you observe a few or all of the listed signs in your brokerage firm, there might be an increased risk of losing your money. 

 

Bottom line 

Even if FXGiants  is not a scam like other brokers we've highlighted so far, it is still in your best interest to work with a broker that is sufficiently licensed, mainly if you are new to the forex industry. Always prefer to signing up with a broker who is licensed and supervised by a reputable regulator. Besides, you can check both brokers and regulators in BrokersView.

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