The Official Website Of Covey Fx Cannot Be Accessed Normally At Present. The Company Seems To Have Closed Down. Therefore We Can Only Gather Some Relevant Information For Reference Only.
2022-07-14 Singapore MAS Adds Covey Fx To Its Warning List
On 14 July 2022, The Monetary Authority Of Singapore (MAS) Added Covey Fx To Its Warning List, Warning The Public That Covey Fx Provides Financial Services In Singapore Without Authorization. You Can Visit The Following Website For Details: Https://www.mas.gov.sg/IAL.aspx
2022-07-15 We Have Confirmed After Review That Covey Fx Is An Unregulated Forex Broker
Covey Fx Claims To Be A Regulated Broker But Does Not Provide Any Information About Its Regulation. The Lack Of Such Important Information Can Be A Clear Signal For An Unlicensed Trader As A Regulated Trader Always Displays Its Certification And License To Operate In A Prominent Position. This Is A Red Flag.
Covey Fx Claims That Its Company Has Two Offices In Singapore And Hong Kong. According To The Relevant Laws, All Companies And Individuals Offering, Promoting Or Selling Financial Services Or Products In Singapore Or Hong Kong Should Obtain Authorisation From The Monetary Authority Of Singapore (MAS) Or The Securities And Futures Commission (SFC) In Hong Kong Respectively.
We First Did Not Find Any Results In The SFC That Matched This Broker. Then We Found A Warning Issued Against This Broker In The MAS. The MAS Added Covey Fx To Its Alert List And Warned The Public That Covey Fx Is Not Authorised To Provide Financial Services In Singapore.
The Fact Is That Covey Fx Is Not Regulated By Any Regulatory Body. It Is Not Safe For This Broker To Hold Or Control Investor Funds And Investors Cannot Be Protected By Any Laws. It Is A Fake Broker.
Since It Is Not Possible To Access The Broker's Website Now, We Are Also Unable To Obtain More Direct Details About Its Trading Assets, Leverage, Spreads, Trading Platform, Minimum Deposit, Etc.
As For Regulation, It Has Been Verified That Covey Fx Has Not Obtained Any Valid License At Present.
But Most Non-compliant Brokers Will Not Disclose To Provide Other More Direct And Truthful Contact Information, Such As Phone Number Or Company Address.
Note: Covey Fx As A, Unregulated Broker, Which Means That Clients' Investments May Not Be Adequately Protected. Due To The Lack Of A Regulator To Hold The Company Accountable, The Lack Of Regulation Increases The Risk Of Potential Financial Losses.
If Investing In An Unregulated Broker, There Is A Good Chance That They Will Run Away With Your Hard-earned Money Without Any Recourse. Therefore, Investors Must Be Extremely Cautious And Remind Everyone To Stay Away From These Unregulated As Much As Possible When Choosing A Broker.
