Unregulated Forex brokerage 4XFX has been blacklisted by Australian financial watchdog The Australian Securities and Investment Commission (ASIC). Traders are advised not to invest with the brokerage – also known as FRG Europe OU – which is suspected to be involved in fraudulent activities.
The supposedly Estonia-based Forex brokerage – with a website www.4xfx.com – purports to provide clients with a wide range of financial instruments on both the MetaTrader 4 platform and a web-based terminal. However, as is typical for unregulated brokerages – it does not disclose any information regarding its trading conditions. Brokerages operating in Estonia have to be licensed by the Estonian Finantsinspektsioon, however, as of yet – only one Forex brokerage actually holds a valid license, Admiral Markets. The company behind the brokerage, GRF EUROPE OU, does not fall under any regulatory oversight.’
To add to all this – we have received considerable negative feedback regarding the brokerage. Traders complain 4FXF does not allow them to withdraw after they have invested. This isn’t something shocking as most scammers in Forex trading pull the same trick over and over.
ASIC is the main financial regulator in Australia charged with the oversight of all financial activities in the country. They include: local companies, financial markets, financial services organizations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit.