No, it is not safe to trade with SuperForex. SuperForex is owned by SuperForex Ltd. which is an offshore company registered in Belize.
SuperForex is incorporated and licensed by an IFSC Forex broker with its registered office in Belize. Yet, Belize is a known offshore zone that delivers slight and operational requirement conditions to the financial service providers. Therefore, it became an offshore zone for shady forex brokers such as Trading Epic, BlueMax Capital and more. We have a detailed article explaining the risk of trading with brokers from Belize.
As claimed on the official website SuperForex grants access to all the major trading platforms in the world, while users may benefit from a brief Forex training course by opening a free demo account and learn the basic steps along with the quite competitive trading conditions.
The services of the company offered to the retail and institutional traders, while there is no strictest application to the rules of business conduct, comparing to the reputable Forex authorities alike FCA (UK) and ASIC (Australia). There are currently many brokers who establish their office in Belize since the company gains access to a worldwide client while stating their official regulation. But once again, in fact, IFSC is a rather self-regulatory authority that did not implement sharp follow of standards.
Generally, we do not advise to open an account and engage in trading with the offshore brokers, since it may incur significant risks even if the offering sounds very attractive. As the company not overseen regularly by the licensor or the Forex industry professional authority, there are many questions in regards to how the company manages traders and overall operation.
In SuperForex case it has also been confirmed by some number of negative responds and reviews from their clients, while the traders faced issues with the money withdrawal or some inconvenient processes during the trading sessions or position openings.
Conclusion
We advise all investors and traders to avoid SuperForex and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and XM.com.
Leave a Reply