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In my experience as a forex trader, understanding a broker’s regulatory status is one of the most important aspects of risk management. For Test Flight (test), I found that it is regulated in both Australia and Saint Vincent and the Grenadines. The Australian regulation is through ASIC, which is recognized for having robust standards and oversight in the industry. However, the Saint Vincent and the Grenadines registration is typically considered offshore and does not provide the same level of investor protection or regular supervision as more established regulators. While having a license from ASIC provides some level of credibility and formal oversight, I still noticed a “Suspicious Scope of Business” label and mention of “Medium potential risk.” Furthermore, Test Flight operating as a Market Maker (MM) can put traders and the broker on opposite sides of trades, which is something I always consider when weighing potential conflicts of interest. Given these factors, I would proceed with caution and treat the presence of offshore regulation as a risk factor, even though ASIC oversight is a positive sign. Ultimately, for me, regulatory environment plays a central role in determining which brokers are worth considering, but I rely on multiple sources of information and never base my decisions solely on licensing claims.