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CySEC blacklists FX Premium and a bunch of other unregulated brokers

Jul 05 2019
By
Jonathan Smith

 

The latest addition to the warning list of the Cyprus Securities and Exchange Commission (CySEC) are FX Premium and a bunch of other unregulated forex and binary options brokers. According to the regulator, the brokerage brands and their websites are not operated by Cypriot Investment Firms, authorized to provide investment services and activities in the country.

 

In our review of FX Premium we have explained why we believe this broker is a clone firm. The broker illegally uses the registration details of a legit broker (JFD Brokers), and falsely claims to be regulated by a number of authorities, including CySEC, the Financial Conduct Authority (FCA) in the UK, and Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin in Germany.

 

In addition, the Cypriot financial watchdog has also listed a bunch of websites, other than fx-premium.com, which also operate illegally in the country:

 

-binarytradeoption.com

BinaryTradeOption is a binary options broker which also claims to be licensed in Cyprus. As most of you know, this is not possible since ESMA banned binary options trade throughout the EU last year.

 

-expatfxtrade.com (website currently not accessible)

 

-parifxtrade.com

Pari FX Trade offers trading in forex and falsely claims to be regulated by CySEC, the U.S. National Futures Association, and the FSC.

 

-tqrtrade.com, 247smartfx.com, 247btcclub.com  

247smartfx is a trademark of the notorious Game Capital Ads Limited, which obviously runs a serial scam scheme by a number of websites, most of which have similar lay-outs. Here are some of the brands associated with this scam company: CapitalFXclub,  ProCapitalFX, FirstFXClub, SmartBTCfx, SmartProFX.

 

TQRTrade and 247btcclub are allegedly operated by a Cyprus-based company named Eternity Capital Management Ltd., however their websites are similar to those of 247smartfx, so we suspect that they are operated by the same con-artists.

 

The Cyprus Securities and Exchange Commission urges investors to be particularly cautious before dealing 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  FX Premium  Pari FX Trade  BinaryTradeOption  expatfxtrade  247smartfx  247btcclub  TQRTrade  scam  Cyprus 
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