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Denmark’s FSA warns of forex broker SolidCFD

 Denmark’s inancial Supervisory Authority (FSA) has issued a warning that the offshore forex broker SolidCFD is not licensed to provide financial services in the country.


The company, however, has been offering to carry out financial services, according to the regulator.


“SolidCFD does not have authorization from the Danish Financial Supervisory Authority in accordance with the Financial Business Act to carry out such services in Denmark. The company has not been notified in Denmark from any foreign Financial Supervisory Authority”, the FSA said in its publication and advised traders to check the list of licensed companies on its site.


According to our review, SolidCFD is owned by LOK Marketing LIMITED. The company is purportedly registered in the offshore zone Vanuatu and regulated by the local Financial Services Commission (VFSC).  The company allegedly has an office in London.


The brokerage offers a hybrid between forex CFDs and binary options on a modified binary options platform, but according to our readers, is pure scam. There are the usual complaints: refusing withdrawals, draining people’s credit cards and not returning calls and e-mails.


Another reader complains that they are constantly cold calling him insisting that he makes a deposit with them. To his demand that they stop calling him, they said they will only if he puts in money. This is a typical tactic of not only scam brokers, but of some of the less reputable regulated companies too.


As always, we advise our readers to be cautious and research properly the brokerage before investing any money, or giving any personal information and phone numbers. The reputable companies are usually licensed by UK’s Financial Conduct Authority or the ASIC.



TAGS: denmark  fsa  solidcfd 
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