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CySEC blacklisted clones of BogoFinance and FXJET, as well as several other unregulated websites

 The Cyprus Securities and Exchange Commission (‘CySEC’updated its warning list with clones of BogoFinance and FXJET, as well as two brands of unregulated company Algobit Ltd. - Worldwide CapitalFX and Lite Options. According to the regulator, the brokerage brands and their websites are not operated by Cypriot Investment Firms, authorized to provide investment services in the country.

 

Worldwide CapitalFX (operating via worldwidecapitalfx.com) and Lite Options (lite-options.com) both claim to offer trading in forex and binary options. The brands are operated by Algobit Ltd., a company registered offshore, in the Seychelles, which is not authorized to provide investment services and advice in Cyprus, nor on any other regulated market.

 

The other two websites try to mislead investors they belong to CySEC-regulated company Bogofinance Capital Markets Ltd. Jetfore.com website uses the brand and the logo of Cypriot brokerage FXJET and the Chinese version even includes the name of the company and its and the registration number of Cypriot Investment Firm (CIF) Bogofinance Capital Markets Ltd.

 

As regards Bogo-Finance (bogo-finance.com), it allegedly offers forex trading on the MT4 platform. This provider also claims to be owned by Bogofinance Capital Markets LTD, however its logo slightly differs from that of CySEC-regulated broker Bogofinance.

 

The Cypriot financial watchdog urges investors to be particularly cautious before conducting business with any investment company and always check whether it is duly licensed. Forex brokers authorized by CySEC have to abide by a number of rules, which provide significant assurance for the security of clients’ funds.

 

TAGS: CySEC  warning  clone firm  Bogofinance  FXJET  Worldwide CapitalFX  Lite Options  Cyprus 
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