As forex trading gets popular among traders, many unlicensed brokers are trying to attract investors with its self-claimed fantastic attracting information as their cheating ways. When you believe that, you would easily be marketed the idea of 'easy money' and invest much more money to earn greater returns. Finally, you would lose your money and know it is actually a scam.
Recently, We learned that the forex broker FXPace has been one of the mentioned fraud brokers.
Registration and regulation of FXPace
FXPace claims to be the trading name of Salvax Limited, a company registered in Bermuda with the registration number 53275.
However, we did not find any match results to the company name or the registration number in the Bermuda regulator Bermuda Monetary Authority (BMA).
The registration info this broker claims is a false statement for unsuspecting traders. The truth is that FXPace is not overseen by any regulators.
Leverage restrictions of FXPace
The platform offers several account types with its leverage of up to 1:500.
It is high leverage as and will surely appeal to many traders despite the higher risk that such high leverage means. Note that the Financial Conduct Authority (FCA) in the UK limited the maximum leverage in major currencies to 1:30. As it is claimed to be registered in the Bermuda, a British island territory, it must be obey rules and restrictions of the FCA. To some extent, that helps confirm FXPace is nothing more than a shady broker.
CNMV warned against FXPace
What's more, back to date 13 January 2020, the Spanish financial authority CNMV issued a warning that FXPace has not been authorized to carry out investment services and activities in Spain. If clients invest their funds in the firm, they are unlikely to get their money back if things go wrong.
Therefore, we can conclude that FXPace is a scam.
You should be even more careful with an unregulated broker than with a regulated broker. In order to be sure of your broker's regulatory status, you may view our Regulators and follow the instructions to check the details.
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