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BaFin orders FXCM clone to cease operations

Dec 04 2018
By
Jonathan Smith

 

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered FXC Markets to immediately cease offering investment services and advice to German investors. BaFin stated that the two companies associated with the brand, CRLINK Limited and BT Systems LTD, are not authorised by it.

 

In fact, the German financial watchdog has previously warned investors of the risk of confusion of FXC Markets with the major forex brokerage FXCM.

 

That being said, this is not the first regulator that raises the public attention to this unregulated broker. UK’s FCA has warned investors that FXC Markets had been taking advantage of its misleading name in ‎order ‎to solicit traders who are based in the UK. Furthermore, the Italian financial watchdog CONSOB has also included FXC Markets in its alert list back in May, 2017.

 

FXC Markets is a forex and CFD broker that uses the MetaTrader 4 platform. Judging by the numerous negative user comments submitted below our review of FXC Markets, the broker has swindled a lot of investors out of their money. In order to avoid being scammed and to have proper protection, investors should deal only with regulated financial services providers.

 

>> A list of reliable forex brokers operating in Germany <<

 

 

TAGS: BaFin  FXC Markets  warning  scam  Germany 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

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