BeneForex: The Investment Fog Beneath the Risks

In the FTI app,Is Forex futures platform legitimate? you can refer to the top 100 forex brokers for your trading needs. If the broker is not in the top 100, pay close attention to its regulatory licences, white label relationships and risk warnings.

In the vast market of forex trading, choosing a safe and reliable broker is crucial. However, a recent in-depth investigation of BeneForex has revealed a number of worrying issues, reminding investors of the need to be alert to potential risks.

Time of Creation and Market Positioning

Founded in 2018, BeneForex has been ranked 5342nd among global brokers in just a few years, a ranking that reflects its relatively marginal position in the industry. Notably, BeneForex has withdrawn from the Chinese market since its inception, and the reasons behind this are worth pondering.

The Shadow of a Regulatory Licence

BeneForex once claimed to be regulated by Australia's ASIC, but as it turns out, it only holds an AR (Authorised Representative) licence, not a full forex trading or brokerage licence. Even more disturbingly, the licence was discontinued on 4 September 2019, meaning BeneForex has lost the basis of legitimacy to operate in a legal sense. The specific information is as follows:

-**Company name**: BENEFIT ZONE GLOBAL PTY LIMITED

-**AFS representative number**: 001263542

-**Status**: Discontinued

-**Start time**: 23 April 2018

-**Stop Date**: 4 September 2019

BeneForex also used to be regulated by the St Vincent FSA, not to mention that the agency itself is a relatively lax type of regulation, BeneForex's regulation by the St Vincent FSA has also long since expired, and the platform is currently free of any financial regulation. 

Chain Reaction of Master White Label Relationships

There is a complex web of relationships between BeneForex and 9 affiliated brokers, among which, Gateway International and Fubon International have ceased operations, while GPP Markets is plagued by complaints, AISA has withdrawn from the Chinese market, Stone Securities has been frequently criticised for delays in withdrawals, and Noah International has fallen into operational anomalies. Among these affiliated brokers, only 2 of them are still operating normally, and this phenomenon of "one loss for all" undoubtedly aggravates the crisis of investors' trust in BeneForex. 

Red light for customer complaints

The 14 customer complaints on the BeneForex platform act as a warning sign, exposing the platform's many problems. The complaints are related to fraud allegations, poor trading environment, serious slippage, unjustified deduction of SWAPs and delayed withdrawals, and even the loss of customer service. These complaints not only reflect BeneForex's significant service and compliance deficiencies, but also leave investors with reasonable doubts about its ability to continue operating in the future. 

Conclusion: Proceed with caution

In the face of all the problems with BeneForex and its affiliated platforms, investors should remain highly vigilant. When choosing a broker, you should not only pay attention to its historical performance and market rankings, but also learn more about its regulatory status, customer feedback and market reputation. In the journey of forex trading, safety and compliance are always the first considerations. In the case of BeneForex, we recommend investors to be cautious and avoid becoming victims of potential risks.

When sailing in the ocean of foreign exchange investment, it is vital to choose the right course. We hope every investor will keep their eyes peeled, make informed decisions, stay away from risks and embrace the path of sound investment.

Stay away from low-rated, unregulated forex brokers!

Before trading, please check the broker in the FTI app; if you encounter any problems, you can file a complaint for help.

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