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FCA advises traders to avoid unregulated brokers Solo Capitals and 31FX

Jul 01 2019
By
Jonathan Smith

 The latest brokers that ended up on the Financial Conduct Authority’s warning list are Solo Capitals and 31FX. According to the British regulator, they have been providing financial services or products in the UK without its authorization.

 

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us”, the FCA reiterates in its warnings. “However, some firms act without our authorisation and some knowingly run investment scams.”

 

Actually, it is very likely that the two brokers are fraudsters. Here are some details:

 

         - Solo Capitals is a low-credibility Estonian broker, which has all the trappings of a scam: it doesn’t hold any financial services license, has not made clear its trading conditions, and has included some very disturbing clauses in its terms and conditions.

 

         - 31FX is allegedly a trademark of JRV Market Ltd, a company registered offshore, on the British Virgin Islands. It does not have a license to operate as a forex broker on any regulated financial market, including in the UK, and the EU in general.

 

As always, we strongly advise our readers to do proper research on the company before opening an account, giving out any personal information and money, as well as to carefully check the registries of the relevant financial authorities. The FCA also keeps such a register, and regularly updates its warning list. Earlier this month it exposed AGM Group and Sigma4Trade as clone firms.

 

TAGS: fca  uk  scam  warning  solo capitals  31fx 
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