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Austrian FMA flags unregulated brokerage Universe Markets

Jul 09 2019
By
Jonathan Smith

 

 

The Austrian Financial Market Authority (FMA) warns investors against dealing with Universe Markets and its parent WhiteSquare Trading Ltd. The FMA stated that this entity is not entitled to trade on a commercial basis on their own account, nor on behalf of others, as these transactions in Austria require a license.

 

Our check of the broker’s website universe-markets.com (previously universemarketsfx.com) reveals that Universe Markets offers trading in wide range of assets on a web-based trading platform. Although it claims to be based in the UK, the broker is not licensed by the local Financial Conduct Authority (FCA), nor by another European financial regulator. So, no wonder Universe Markets was also blacklisted by the FCA.

 

We also discovered that the broker’s demo spreads don’t match the ones announced on the website. This, in combination with the company’s lack of regulation, incline us to suspect that Universe Markets might be engaged in fraudulent activities, like many other unregulated brokers.

 

This warning is yet another case in which Austrian‎ ‎authorities have ‎stepped up to alert the public about forex and binary options brokers illegally operating in the country. Like other European financial agencies, the FMA regularly issues warnings against companies and/or websites operating on the local market without its authorization. The Austrian financial watchdog also performs large number of investigations and enforcement actions into multiple scams and fraudulent operations on financial markets.

 

TAGS: FMA  Austria  Universe Markets  scam  regulation 

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