Overview of SET-FX
SET-FX, operating in Spain for 5-10 years, offers forex and securities trading.
However, its unregulated status raises red flags, leaving traders vulnerable to potential fraud and lack of oversight. Despite providing multiple trading systems, including SET-FX, ICAPCO, and IHS, the broker's inaccessible official website poses significant hurdles for traders seeking essential information and market updates.
With no regulatory authority overseeing its operations, SET-FX fails to instill confidence in traders, urging caution and thorough research before considering engagement.
Regulatory Status
SET-FX operates without regulatory oversight.
This absence of supervision means that there are no established rules or guidelines governing its activities. Consequently, there's a lack of assurance regarding the fairness and security of transactions. Investors face increased risks of fraud, manipulation, and loss of funds.
Pros and Cons
Pros:
Various Financial Offerings: SET-FX provides access to both forex and securities markets. This versatility allows traders to diversify their portfolios, spreading risk across different asset classes.
Cons:
Official Website Inaccessibility: One significant drawback of SET-FX is the inaccessibility of its official website.
Lack of Regulatory Oversight: As an unregulated entity, SET-FX operates without oversight from any financial authority. This absence of regulation exposes traders to various risks, including fraudulent activities, market manipulation, and inadequate investor protection.
Market Instruments
SET-FX offers financial services in forex and securities. Also, it offers three different systems - Electronic Foreign Exchange Market Information and Transaction System (SET-FX), ICAPCO Foreign Exchange Trading and Registration System and the Icap Hybrid System (IHS).
Customer Support
SET-FX s customer support can be reached by telephone: +57 (601) 742 77 77, email: info@set-icap.co and comercial@set-icap.co or send messages online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook and LinkedIn. Headquarters: Cra. 11 No. 93 - 46 Office 403.
Risk Warning
Caution is advised when considering SET-FX for trading activities. The broker lacks valid regulation, exposing traders to potential risks such as fraud and insufficient investor protection. Additionally, the absence of trading software poses challenges for executing trades efficiently and accessing essential market data.
Conclusion
SET-FX, though providing access to forex and securities trading, is plagued by significant drawbacks.
Its unregulated status leaves traders exposed to potential fraud and manipulation, lacking the protection and oversight afforded by regulated brokers.
Moreover, the platform's inaccessible official website frustrates users, impeding access to crucial market information and transparency.
Additionally, the absence of detailed account specifications and financial requirements exacerbates the platform's lack of clarity, fostering uncertainty among potential clients.
FAQs
Question: What financial instruments does SET-FX offer？
Answer: SET-FX provides trading opportunities in forex and securities markets.
Question: Is SET-FX regulated by any financial authority？
Answer: No, SET-FX operates without regulatory oversight.
Question: How can I contact SET-FX for customer support？
Answer: You can reach SET-FX customer support via telephone, email, or online messaging, as well as through social networks like Twitter, Facebook, and LinkedIn.
