Conotoxia is a newly-licensed forex broker that has not launched its services yet. When it does, we will add the relevant information in the present review and analyze it.
The Company. Security of Funds
Although it seems to be headquartered in London, Conotoxia chose to get a license from the Cypriot financial watchdog, CySEC, and not from UK’s FCA. This is probably due to the uncertainty around the Brexit and the fact that getting a license in Cyprus is cheaper.
Either way, Cyprus is one of the most popular forex broker centers due to its well-balanced financial regulation, rather favorable tax regime and well-developed technology sector. On top of that, this sunny island is a part of the EU family, so, a CySEC license enables the broker to operate in any country that is a member of the EU or the EEA.
Moreover, there is the Investor Compensation Fund, which can pay compensation up to €20,000 EUR per person, if a regulated becomes insolvent.
In order to be able to operate as investment firms and benefit from the above-listed provisions, forex brokers licensed by CySEC are required to maintain a certain capital (EUR 730 000), keep client funds in segregated accounts, regularly reports transactions to the Commission and many more.
Conotoxia Review Conclusion
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