Limited is one of the brokers that are offering trading services to people around the world. In our full review of the NewbieFX broker, we have explored the broker in detail and concluded whether it is safe to trade with them or look for another option.
What’s interesting in the latest cryptocurrency news is that this broker has recently adopted a program which complies with the AML/CTF Act. As part of the process, every trader is required to provide evidence of identification.
The New AML/CTF Policy By The NewbieFX Broker
As the policy shows, it applies to all “THE COMPANY” officers, employees, appointed producers as well as the services offered by “THE COMPANY” which in this case is the NewbieFX broker. The program complies with the International Anti Money Laundering laws and all of its efforts exerted will be documented and retained in accordance with the Anti-Money laundering law.
Therefore, the NewbieFX broker is committed to AML compliance in accordance with the applicable law and requires its officers, employees as well as appointed producers to adhere to these rules. As the broker stated on their AML policy page, customers who refuse to provide information will be declined along with their application – and the AML Compliance Committee will be notified accordingly.
The AML policy by the NewbieFX broker also goes in detail and talks about the suspicious activities, monitoring and reporting them as well as their compliance regime. They also clearly state that Contracts for Difference (CFDs) are complex financial products which are traded on margins, carrying a high level of risk since the leverage can work both to the traders’ advantage and disadvantage.
So, Can You Safely Trade On NewbieFX Broker
At the end of the day, all boils down to your decision. As we said in our full and honest review, the NewBieFx broker does not have all the features we need to convince us that it is a 100% legitimate broker.
On top of that, there are some reviews pointing to the fact that the NewbieFX broker is a scam. The best decision, therefore, is to always be informed, check the NewbieFX broker reviews online and make a decision for yourself!