Reported Website: https://www.velosfund.com/
Velos Technology claims to be a leading broker with authorizations and regulations issued by the US National Futures Association (NFA) with license number 0550253 and the Financial Crimes Enforcement Network (FinCEN) under an MSB license 31000220901190. First, please be informed that FinCEN is not a regulatory body that regulates entities engaging in forex. Having an MSB license does not mean having any valid regulations. Second, we indeed found a matching result in NFA’s registry, however, Velos Technology is not overseen by NFA as it is not an approved member of the regulator. As a forex trader, you must bear in mind that if a broker claims to be eligible to solicit US customers in forex activities, it must: 1) be accredited as an approved Forex Dealer Member of NFA; 2) be admitted as a “retail forex exchange dealer.” Obviously, Velos Technology doesn’t satisfy these conditions. The truth is that Velos Technology is not under valid regulation by any regulators to do forex. Investors’ funds in this broker are unsafe and cannot be protected by any law. Therefore, it is a scam.
