Forex trading and other financial services are allegedly offered by the online trading platform 9cents. It claims to be registered in Saint Lucia, a small Caribbean island nation, on its website. However, Saint Lucia does not control foreign exchange, casting doubt on the veracity of this assertion. The platform also states that it has an address in Dubai, yet no credible information about 9cents can be located among U.A.E. regulatory organizations. This raises severe questions regarding the legitimacy and dependability of the company.
9cents Broker Overview
Website: https://9cents.com/
Website Availability: Yes
Official Address: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia
Blacklisted By: Not Recommended By Review Website Like Scams Report
Domain Information:
- Domain Name: 9CENTS.COM
- Registry Domain ID: 1555670_DOMAIN_COM-VRSN
- Registrar WHOIS Server: whois.namecheap.com
- Registrar URL: http://www.namecheap.com
- Updated Date: 2024-07-03T16:00:46Z
- Creation Date: 1998-07-09T04:00:00Z
- Registry Expiry Date: 2025-07-08T04:00:00Z
Registration in Saint Lucia: A False Claim?
The purported registration of 9cents in Saint Lucia is one of the main areas of promotion. It is important to remember, though, that Saint Lucia has no authority over the foreign exchange market. Because of this loophole, dishonest businesses like 9cents can falsely pretend to be registered there without actually being subject to any inspection. Unregulated operations provide an avenue for fraudulent actions because there is no government agency to oversee the company’s operations or safeguard investors.
The Dubai Connection
9cents also claims to have an office in Dubai, a major global financial hub. However, upon thorough investigation, no record of 9cents was found in any of the relevant authorities in the U.A.E., including:
- Securities and Commodities Authority (SCA): The regulatory body responsible for overseeing financial markets in the U.A.E.
- Central Bank of U.A.E. (CBUAE): The primary authority for banking regulation in the region.
- Dubai Financial Services Authority (DFSA): The regulatory body that governs financial institutions in the Dubai International Financial Centre (DIFC).
The absence of 9cents from these institutions strongly indicates that it is not authorized to operate in Dubai, further questioning its legitimacy.
Lack of Regulation and Investor Risk
The fact that 9cents are completely unregulated by any reliable financial authority is arguably the most troubling feature of the company. This implies that there are no safety nets or legal safeguards for investors who put money with 9cents. There is no regulatory organization to act on behalf of the investor in the event of disputes, fraud, or insolvency. It is extremely dangerous to entrust money to unregulated sites like 9cents, as investors may suffer substantial losses with little to no way to recover their losses.
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Please refer to our list of fraudulent Broker 2024 and fraudulent Brokers 2023 to verify whether your broker is legitimate or fraudulent. Don’t suffer in silence. Contact Scams Report today and let us help you get your life back on track. Report romance scammers and other fraudulent forex trading platforms here.
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Note: The information provided in the above 9cents review is derived from existing web 9cents reviews. Please be aware that we cannot be held liable for any legal action taken by 9cents company. If you have any inquiries or concerns, kindly reach out to us via email at admin@scamsreport.net.
