Upon visiting the questionable GalaxyEx investment scheme’s website, one can quickly observe the absence of any links or pages. This situation naturally raises significant concerns regarding the legitimacy of the platform and everything associated with it.
Hence, it becomes imperative that you delve into our comprehensive GalaxyEx Review to gain insights into this deceitful platform. Discover the necessary measures to take when seeking to reclaim your funds lost to online scams.
Legal Information: Is GalaxyEx Subject to Regulations?
GalaxyEx operates in near-total anonymity. The obscure website we stumbled upon fails to provide any essential details about the company’s legal credentials, such as its business name or ID number, physical address, contact phone number, or email address.
The question that naturally arises is whether it’s wise to place your hard-earned money into the hands of such an opaque and non-transparent platform. Anonymous entities, as demonstrated by the case of Tradesto, can lead to significant risks and losses. Instead of falling for their cunning tactics, it’s advisable to steer clear of anything offered by these fraudulent actors and opt for established, licensed brokers and firms.
Our recommendation is to seek out a reliable service provider authorized and regulated by a respected financial market supervisory body. Some of the most trustworthy regulatory authorities that can provide oversight to your chosen platform include the FCA (UK), ASIC (Australia), CFTC & NFA (US), CySEC (Cyprus), BaFin (Germany), FINMA (Switzerland), and similar institutions.
The Significance of Holding a Trading License
Prominent financial market regions such as the European Economic Area, the United States, and Australia uphold stringent regulatory standards, imposing substantial prerequisites for companies seeking a trading license.
Firms must maintain a significant minimum operating capital, such as 730,000 EUR or 1,000,000 AUD. They are also mandated to furnish clients with safeguards like negative balance protection, ensure the segregation of funds in a top-tier bank like Barclays, and even provide a compensation scheme, often up to 20,000 EUR.
In cases of disputes with a regulated broker, traders have recourse to file a complaint with the relevant regulatory body, as exemplified by incidents involving Bitpaypro. Unlicensed entities like GalaxyEx bear no obligation to extend such security and safety benefits, underscoring the importance of steering clear of such platforms.
GalaxyEx’s Target Audience
As per information available on godaddy.com/whois, the domain galaxyex.net was registered a mere three months ago, on May 31, 2023. Since then, this anonymous financial fraudulent operation has primarily set its sights on unsuspecting traders residing in the following countries:
- United States
- India
- Myanmar (Burma)
- Thailand
It’s worth emphasizing that GalaxyEx lacks the necessary authorization to conduct operations in any of these jurisdictions, particularly the United States where regulations are stringent and penalties severe. Furthermore, webparanoid.com has assigned GalaxyEx a notably low trust score.
Comments