FINMA Has Flagged FXnow Broker–Beware!
Do you have an account with FXnow? If you do, it’s important you contact CryptoCoinTrace on how to track down your funds. Why? FINMA, the financial regulator of Switzerland has flagged this broker.
Is a broker warning always important to pay attention to? It is when a broker is flagged by a regulator in good standing. This is not mere speculation–FXnow must have done something to get the attention of FINMA. If you are just thinking about opening an account with FXnow, do yourself a favor and cross this broker off your list.
We consult these broker warnings regularly and compile these reviews to warn the public against problematic financial services. This is yet another warning about a suspected online broker and it’s worthwhile to pay attention.
What Does FINMA Do?
The FINMA is the independent financial regulatory body in Switzerland. Its responsibilities include regulating financial markets in Switzerland, issuing licenses for financial companies, and ensuring compliance with all rules and regulations.
FINMA also acts as a watchdog and issues warnings about dicey financial brokers. They deal with customer complaints and have the power to suspend or revoke the licenses of financial companies. It’s important to take all FiNMA warnings seriously and to stay away from flagged brokers.
Why Is FINMA Warning the Public About FXnow?
FINMA’s standards for issuing warnings about brokers indicate the FXnow is likely to have at least one or several of the following issues:
- Licensing problems
- Lack of transparency
- Misleading statements
- Account issues
- Customer complaints
There may be questions surrounding FXnow licensing. They may have no license, an expired license, or are offering services in areas they aren’t licensed to carry out trading on behalf of consumers. It’s always important to check licenses, but often consumers sign up with brokers without confirming they are legitimate.
FXnow hasn’t revealed all of the necessary information. They may lack transparency and could have details lacking in the names of people who run it or where they are located. Contact information may be false or insufficient.
It’s common for suspicious brokers to make misleading statements about the credentials and returns they provide clients. Any information volunteered by the broker that can be seen as intended to mislead clients is considered problematic.
When customers can’t access their accounts, that’s usually a sign they are dealing with a fraudulent broker. Many financial scams try to come up with excuses, such as fake rules governing withdrawals or constant “technical” problems.
FiNMA has received numerous complaints about FXnow and has verified them to ensure they are based on something legitimate. They don’t simply go with the proliferation of complaints but check them out to ensure they are genuine.
What Should You Do If You Have an Account with a FINMA-Flagged Broker?
If you currently hold an account with any of these brokers, close it and demand an immediate withdrawal of all your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!