Demand FX
We checked Demand FX against the AskCheck register. It has been reported (2023) and carries the red flags below. Treat it with extreme caution.
Why it’s flagged
What we found
Demand FX claims to be registered at the Financial Crimes Enforcement Network (FinCEN) and we did find a company named Demand Fx Limited within this authority's register. However, it is crucial to note that the FinCEN has explicitly stated that the inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency. Therefore, the mere registration with the FinCEN doesn't mean being authorized to legally provide services or products in Forex trading. What's more, it remains unclear whether this MSB registration is related to Demand FX as the website of Demand FX says its company's full name is Demand Fx Global Limited, which is inconsistent with the name on the FinCEN web. We conducted further investigation by searching for this company in the National Futures Association (NFA) registry but the result suggests that it is not subject to the NFA's oversight. Furthermore, Demand FX purports to be based in the UK. As such, it needs to acquire a financial license from the Financial Conduct Authority (FCA). However, our search for it in the register of the FCA indicates that it is not registered with the UK's financial regulator. In essence, Demand FX is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. Demand FX is unequivocally a scam.
Assessment source: FastBull BrokersView.
What to do next
- Stop sending money. Don’t make another deposit, pay a “tax” or “release fee”, or share remote-access to your device.
- Gather your evidence. Save statements, chat logs, transaction IDs and the wallet addresses you paid to.
- Report it to your regulator and to local police / action-fraud line so it’s on the official record.
- Add your report here so the next person searching this name is warned — report Demand FX.
- Verify on the register. Cross-check the full entry on the SentFunds register before you trust anyone offering to help.