Abstract：86FXTRADE has twelve different account types, which is unusual for a registered broker. Furthermore, the fraud promises incredible incentives ranging from 10% to 250%! If accurate, the massive transaction volume is inconceivable when combined with the 1:100 high leverage.
Investing with a forex broker who is licensed by forex authorities provides investors with a feeling of security. When clients are mistreated, reputable regulators recognize their complaints and reimburse them, provided certain requirements are satisfied. That is why frauds like 86FXTRADE will pretend to be multi-regulated brokers to get you to invest.
WikiFX monitors unregulated brokers like 86FXTRADE because of their illegal behavior towards its traders. When a trader exposes illegitimate activity by this broker, WikiFX will take immediate action to cease the firm's illicit business. WikiFX lists over 38,000+ brokers, including regulated and unregulated, and has worked closely with 30 financial authorities.
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Fantastic Trading Conditions
86FXTRADE has twelve different account types, which is unusual for a registered broker. Furthermore, the fraud promises incredible incentives ranging from 10% to 250%! If accurate, the massive transaction volume is inconceivable when combined with the 1:100 high leverage.
Multiple Rules and Regulations？
The hoax, perpetrated by P240 LTD, purports to be registered with or controlled by 9 authorities (including some made-up bodies) in 8 countries. The following are examples of bogus rules and licenses, according to the website:
1) The Malta Financial Services Authority (MFSA) No.:IS/56519;
2) The United Kingdom Financial Conduct Authority (UK FCA) No.595195;
3) The German Federal Financial Supervisory Authority (BaFin) No. 131055;
4) The French Autorité des Marchés Financiers (AMF);
5) The Spain National Securities Market Commission (CNMV) No.3354;
6) The Italy Commissione Nazionale per le Società e la Borsa (CONSOB);
7) The Denmark FINANSTILSYNET (Danish FSA) No. 9221;
8) The US Financial Services Authority No.IS/560000;
9) The French Prudential Supervisory Authority (ACP) No. 74397.
Please be advised that the previous two “agencies” are not forex regulators. The NFA and AMF are the authorities that govern forex activity in the United States and France, respectively.
If the proposed legislation is implemented, 86FXTRADE will be regulated in Malta, the United Kingdom, Germany, France, Spain, Italy, Denmark, and the United States. However, when we looked for authorities in these eight countries, we discovered that none of them control 86FXTRADE. The fraudster even uses another company's BaFin registration number, NSFX Limited.
The MFSA Issues a Warning
On August 8, 2022, the MFSA issued a public notice informing the public that 86FXTRADE is not a Maltese registered business nor licensed or otherwise allowed by the MFSA to offer investment or other financial services.
A fake broker, such as 86FXTRADE, is always eager to claim that it offers traders the finest trading circumstances since it just enters a number into your account. It is also prepared to pretend that it is subject to several restrictions since it will not be registered with legitimate authorities.
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