Funding Talent, the renowned online forex trading platform commonly known as ForexTips101, has announced their closure in November 2021. The company cited insufficient profitability from trading as the reason for the sudden shutdown. Funding Talent had previously been recognized as a reputable provider of diverse financial services to traders.

Is Funding Talent (ForexTips101) a Licensed Broker?

The short answer is no. Funding Talent does not have a valid license from any regulatory body. It claims to be based in the United Kingdom but is not registered with the Financial Conduct Authority (FCA) or any other reputable regulatory agency. First, they received a warning notice from Nova Scotia Securities Commission saying they were doing unregistered activities. Then, in September 2021, they notified their traders that they were moving to modern edge trading and forced them to move there too. For the traders who did not move, it canceled their accounts and then sliced the profit margin from 80% to direct 25%.

Why Should You Not Trust an Unlicensed Broker?

The absence of regulations or standards binding unlicensed brokers has resulted in a significant risk of fraudulent activities. Such brokers have been known to engage in unethical practices such as price manipulation, identity falsification, and misrepresentation of their services. It is essential to exercise caution while dealing with unlicensed brokers to avoid potential losses and safeguard one’s financial interests.