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Yes, the most significant downside of ED&F Man is its lack of regulatory compliance, with licenses revoked or unauthorized in key jurisdictions. This puts traders at risk, as there's no regulatory body to oversee the broker’s activities or ensure proper customer protection. Additionally, ED&F Man does not offer demo accounts, which makes it difficult for beginners to practice trading or assess the platform before committing real funds. I consider this a major drawback, especially when dealing with an unregulated firm.