This is a small island located in the South Pacific with a population of around 20,000 people. The aforementioned FSC carries out regular audits of registered companies, including the entities operating under the Money-changing & Remittance Businesses Act, such as 4xCube. It also monitors compliance with KYC and AML regulations. Nonetheless, a money-changing and remittance license with the Cook Islands’s FSC can no way be compared to a financial services provider license issued by UK’s FCA or ASIC in Australia.
Unlike the FCA or ASIC, the FSC does not have high-capital adequacy requirements for forex brokers, nor demands them to report transactions, to provide negative balance protection or to participate in a compensation scheme. These are the things that should matter to forex and CFD traders as this guarantees that their interests and funds are fully protected.
If you were the victim of a 4xCube scam file a complaint by filling out the form above and we will do our utmost to get back with you as soon as we can.