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CySEC warns against unregulated forex broker ECN Capital

 

The Cyprus Securities and Exchange Commission (‘CySEC’) issued an announcement-warning on Wednesday with regard to ECN Capital - a forex brokerage brand that is not authorized to provide investment services and/or perform investment activities in the country.

 

More specifically, ECN Capital is allegedly operated by Moslok ltd., whose registered office is located at 84 Spyros Kyprianou Street, 4004 Limassol, Cyprus. The entity, however, is not licensed by CySEC, nor by any other financial regulator. 

 

ECN Capital offers trading in wide range of currency pairs and various CFDs on web-based SIrix platform. However, judging by the user comments on our website and the overall poor reputation of this broker, it is a typical scam company.  Furthermore, we have reasons to believe that Moslok ltd. is related to another notorious broker - Trade24, as the entity’s name is present in the brokerage’s Client agreement.

 

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  ECN Capital  warning  Cyprus  scam 
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