What is FxUnited?
United Global Holdings Limited, which operates under the trading brand name FxUnited, is an online trading company, which targeted worldwide traders from different regions and was attracting clients with its competitive offerings while not allowed to provide banking and/or investment services in various jurisdictions.
The company faced many problems during the last years since was holding client withdrawals as the owners went to lengths to project the company in world Forex centers, which include the UK, Australia, Malaysia, New Zealand, and more. Eventually, the company faced evidence of providing not legitimate investment activity, while according to the documentation the FxUnited was deregistered company.
Malaysian authorities investigate the company by various means while the clients were engaged in a series of negative behaviors from the broker.
The Malaysian Police estimate FX United conned 70,000 investors out of around $250 million dollars, which is still not paid back to the clients.
The consensus became obvious and the FX United gained a reputation of scammers that were attracting naïve investors and pending an objection to schedule struck.
Is FxUnited regulated ?
It is not safe to trade with FxUnited, because it is an unregulated broker In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious and might operate its services from an absolutely different location.
In addition to several warnings from the respected regulatory authorities, the company was telling its clients that the FSMA (Belgium) is preventing the company from pursuing its activities that’s why the broker was unable to return the money to the clients.
FxUnited Review Conclusion
As safety in trading always goes first, it is highly recommended to invest only with reputable brokers that gained a reliable reputation, operate with necessary and reputable licenses, and comply with the strictest authority rules.You can check out the list of regulated brokers to choose the best suitable one.