Activefxtrade has come to the attention of the Financial Conduct Authority in the UK, which warned on November 24th that Activefxtrade was not licensed but was providing financial services to the public in the UK.You can see the warning in the screenshot below.
“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us”, the FCA says adding that “this firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”
In addition, Brokersview also paid a visit to the official website to get a better idea of Activefxtrade. But when I opened the site, Google was reminding me that it was not a secure site and could invade your privacy. Keep in mind that it will not be recorded by Google and given such a warning if it has not done anything against the rules. No matter what, you should be cautious, for the sake of your privacy and the security of your money.
Activefxtrade have the right to seize the use or provision of services and products at any time.
“Customers and the Company have the right to seize the use or provision of services and products at any time. The only physical product program in which the customer can reverse the subsequent investment. You must contact our customer support before resolving your complaint to your payment processing”.
This instruction is undoubtedly a bandit clause. When you contact their customer service for support, they ask you to deposit more money to meet their withdrawal limit. Once you do what they ask you to do and deposit more money, they will tell you that you have violated their rules and refuse your withdrawal. Brokersview receives many cases of similar scams. It’s really an effective way to get investors into their elaborate traps, which is why fraudulent companies like Activefxtrade are on the rise.
With such complex regulatory information, how should investors distinguish between good and bad traders？ It’s as simple as typing the name of the broker into Brokersview before you invest, you will see every aspect about this broker. WikiFX also provides a comprehensive score based on license, business, risk control, software and regulatory, which is benefit for investors to make judgments.
As you can see, based on information given on Brokersview(https://www.brokersview.com/brokers/activefxtrade),
Activefxtrade claims to be a regulated broker and displays logos of two regulatory authorities on its website. But the funny fact is that we found the two logos cannot match any current-existed regulatory bodies. That means the regulatory information this broker claim is a false statement for unsuspecting traders. The truth is, Activefxtrade is not under valid regulation by any regulators to do forex. Investors’ funds in this broker are unsafe and cannot be protected by any law. Therefore, it is a scam.