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FCA added SafeMarkets to its warning list

 

The Financial Conduct Authority (FCA) in the UK added SafeMarkets to its long list of companies that illegally target British customers and offer financial services without a license.

 

Some firms act without our authorisation and some knowingly run investment scams”, stated the FCA in its warning.


That being said, this may be the case with SafeMarkets, which offers trading in forex and various CFDs with a focus on cryptocurrencies. The brand is allegedly operated by Optiumcommerce OU, an Estonian company, which is not licensed by the Financial Conduct Authority, nor by the Estonian financial regulator.

 

Furthermore, after checking the broker’s website www.safemarkets.biz we came across a rather unusual detail – in their “Terms and Conditions” the broker says that “in order to withdraw funds, clients are required to reach a certain, quite high, trading volume. This unconventional practice is rather unfavorable to traders, as it exposes them to additional risk.

 

The UK financial watchdog advises all potential investors in the UK to deal only with companies holding legit licenses, which could be verified in the FCA’s register. Besides, the FCA regularly updates its warning list with unregulated brokers operating in the UK, in an attempt to protect investors. Previous month the regulator blacklisted PrimeCrypto, Investex and eMarketsTrade, GulfFX, Easy FX Trade and TradeBNP, among others.

 

TAGS: FCA  warning  SafeMarkets  scam  UK  regulation 
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