[FX110 News] On December 5, 2023, the Spanish financial regulator, CNMV, issued a warning to an unregulated foreign exchange dealer called “AI Trade”.
According to its website, “AI Trade” claims to be a financial brokerage company that offers a variety of financial instruments, including foreign exchange. However, the trader did not provide any regulatory details, casting doubt on its legitimacy.
Although the company provided a U.S. address, no purported regulatory information was available for verification. Additionally, a search for “AI Trade” on the National Futures Association (NFA) yielded no results, indicating that the trader is not regulated.
It is worth noting that all foreign exchange traders operating in the United States must be NFA members.
We strongly advise foreign exchange investors not to trade on unregulated platforms, especially those that have been flagged by financial regulators. Trading on such platforms may result in unprotected funds and lack of recourse in the event of claims.