Review of Arena FX
Arena FX is a website that provides a platform for selecting willing traders in competitions. In this case, the site does not seem to be active at this time.
There is no data about the company behind the Arena FX. This is very troublesome because it does not provide absolutely any security for your funds. If you had to deposit funds in this company, you might not receive a refund. That is why financial regulation is so necessary.
A reputable agency such as the British Financial Conduct Authority (FCA) should supervise them. All brokers they monitor have to submit regular reports on the activities of their clients. Besides, several fundamental principles prevent them from stealing money.
First of all, all client funds must be stored on the Separate so-called accounts. These are individual bank accounts that cannot be freely manipulated.
Also, all brokers must participate in the Financial Services Compensation Scheme (FSCS). It is a mechanism that works like an insurance company. All companies have to pay a small portion of their profits to the pool, which then guarantees the client's trading accounts to the bankrupt broker.
Returning to Arena FX, the entire look of the website seems to be familiar to what the previous XM promotion provides, where traders competed throughout the year to share a portion of the $ 500,000 prize pool.
An interesting fact in Arena FX is that regular trade is not provided. Instead, it is a platform in which traders adjust to each other in different competition formats.
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