Snowflake is a forex and CFD broker that claims to offer a wide range of trading options to its clients. However, there are a number of red flags that suggest that Snowflake may be a scam broker.
History of Snowflake
Snowflake was founded in 2019, and its website claims that it is regulated by the Financial Conduct Authority (FCA) in the UK. However, the FCA does not list Snowflake on its register of regulated firms. This is a major red flag, as it means that Snowflake is not subject to any regulatory oversight.
Team Behind The Company
The team behind Snowflake is anonymous. This is another red flag, as it makes it difficult to verify the company’s credentials.
License and Regulation Status of Snowflake
As mentioned above, Snowflake is not regulated by any financial regulator. This means that there is no independent body to oversee its activities and protect its clients. This is a major risk, as it means that there is no guarantee that Snowflake will not engage in fraudulent or unethical practices.
Why Should Not You Trust An Unlicensed Broker?
There are a number of reasons why you should not trust an unlicensed broker. First, unlicensed brokers are not subject to any regulatory oversight. This means that there is no independent body to protect you if the broker engages in fraudulent or unethical practices. Second, unlicensed brokers are often more likely to be scams. This is because they do not have to comply with the same rules and regulations as licensed brokers, which makes it easier for them to operate illegally.
Trading Options Do They Offer
Snowflake claims to offer a wide range of trading options, including forex, CFDs, and stocks. However, there is no evidence to support these claims. The company’s website does not provide any information about the trading platforms or instruments that it offers.
Clients’ Feedback
There is very little feedback available online about Snowflake. The few reviews that are available are mostly negative. One reviewer claims that they were scammed by Snowflake, and that the company refused to return their funds.
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