The Commodity Futures Trading Commission (CFTC), one of the financial markets regulatory bodies of the US, updated its warning list to include United Global Holdings Ltd, trading as FxUnited, to its warning list of businesses that the public must watch out for.
FxUnited is an online brokerage claiming to be based in Wellington, New Zealand. They operate through the websites www.fxunited.com and www.fxunitedpowerinternational.com. The brokerage was identified by CFTC after reports of false claims rolled in. It is said that FxUnited was claiming that it is legitimate and highly regulated by the CFTC—which the regulation board denies.
The CFTC reiterated that no endorsement or confirmation of legitimacy was issued in any manner towards this company and has cautioned the public to exercise vigilance in any business dealings that involves companies who claim to be regulated by the US commodities watchdog. They are advised to check the regulation status of any company at their website before engaging in any trade.
The CFTC’s Consumer Protection page in its website offers investors and traders defense against businesses that were, are, or have been registered but face minor and even serious misconduct complaints.
Since FxUnited haven’t coordinated yet with CFTC regarding the fraudulency complaints, the regulation body has to include it in its warning list.