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British regulator FCA blacklists Trading Epic and MegaTradeFX

Jan 23 2019
By
Jonathan Smith

 

The Financial Conduct Authority (FCA) keeps adding more and more unregulated brokers to its warning list. Some of the recently flagged ones are unregulated forex brokers Trading Epic and MegaTradeFX.

 

The FCA alleges that they are not authorized or registered by the it, but have been providing financial services or products in the UK nonetheless.

 

A visit to the broker’s website reveals that MegaTradeFX is a forex and CFD broker, whose offer is very unclear. It is allegedly a trademark of Vital Resources LTD, a company registered on the Marshall Islands. Its website also features the name of another company, Guide Universal LP. None of these firms is entitled to offer financial services or advice to UK investors. 

 

The other company flagged by the FCA, Trading Epic, presents itself as a US-based forex and binary options broker. It claims to be regulated by the U.S. Commodity Futures Trading Commission (CFTC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Board (FSB) of South Africa and the International Financial Services Commission of Belize. Of course, none of this is true, and the broker has not even mentioned the name of the company that operates it.

 

The FCA has advised anyone who has been contacted by Trading Epic or MegaTradeFX representatives to contact its consumer helpline on 0800 111 6768. The British regulator regularly updates its warning list, and encourages investors to check any broker’s name in its register of regulated entities prior to investing.

 

TAGS: FCA  warning  Trading Epic  MegaTradeFX  UK  scam  regulation 
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