de | cn | ru

Market News

FCA alerts investors of Plus500 clone firm

 

The UK Financial Conduct Authority (FCA) has warned on Tuesday that Plus 500 Pro is a clone of the renown forex brokerage Plus500, which holds a license from FCA, among others. According to FCA, Plus 500 Pro is not authorized to carry out regulated financial services in the UK.

 

Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.

 

On its website (plus500pro.com) the clone offers trade in forex, options and various CFDs, including cryptocurrencies. However, there is no specific information on account types, minimum initial deposit, leverage, spreads, etc. While the fraudulent website does not explicitly state that the broker is regulated by FCA, there are claims that its clients would be covered by UK’s Financial Services Compensation Sceme (FSCS). The scheme, of course, may only be applicable to clients of entities which are indeed licensed by the Financial Conduct Authority.

 

The FCA-licensed brokerage Plus500, on the other hand, offers trading in forex, options, contracts for difference (CFDs), commodities, indices, and exchange-traded funds (ETFs). It operates its own online trading platform for CFDs, and is regulated in six countries – the UK, Cyprus, Israel, Australia, New Zealand, Singapore and South Africa.

 

The UK is a strong forex market with tight regulation. The FCA is renowned for its strict standards and tight supervision. The regulator keeps a register of unauthorized forex brokers that target local citizens and regularly issues alerts against entities that could potentially hurt local investors. We strongly advise our readers to do their own research on the company before opening an account, giving out any personal information and money.

 

TAGS: FCA  warning  UK  Plus500 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

Hong Kong’s SFC also blacklists GCG Asia

Jul 16 2019 15:08:47

  The Hong Kong Securities and Futures Commission (SFC) recently blacklisted unregulated brokerage Guardian Capital Asia (GCG Asia). Read more

German and Austrian police goes after several online financial scammers

Jul 15 2019 14:50:02

  Option888, XMarkets, TradeInvest90, ZoomTrader and TradoVest are being investigated by German and Austrian police for investment fraud and money laundering, the German public television reported, as quoted by the Times of Israel. Read more

ESMA warns forex brokerages not to circumvent its product intervention measures

Jul 12 2019 17:22:23

  The European Securities and Markets Authority (ESMA) has identified certain undesirable practices among CFDs providers, which raise concerns of non-compliance with the product intervention measures introduced a year ago. Read more

Spain’s CNMV blacklists Grand Capital, BinaryMate, FXTPremium, and more

Jul 11 2019 16:56:42

  Spain’s financial regulator, the CNMV, updated its warning list with a number of unregulated brokers on Monday: Grand Capital, BinaryMate, FXTPremium, VideForex, HQ BROKER, WellingtonInv, GlobalBCM. BitcoinTrader, and Smart Capital Advisor. Read more

Bitmarket closes up shop, hack suspected

Jul 10 2019 19:58:47

  Poland’s second-largest crypto exchange Bitmarket closed up shop on Tuesday, without any prior warning. According to a message posted a day earlier on the Bitmarket’s website, the exchange was forced to cease operations due to loss of liquidity. Read more

Austrian FMA flags unregulated brokerage Universe Markets

Jul 09 2019 15:31:55

    The Austrian Financial Market Authority (FMA) warns investors against dealing with Universe Markets and its parent WhiteSquare Trading Ltd. Read more

Capital FMI ends up on FCA’s warning list as a clone

Jul 08 2019 11:40:05

  Unregulated broker Capital FMI ended up on the warning list of UK’s Financial Conduct Authority (FCA) as a clone firm previous week. According to the regulator, the broker has been providing financial services or products in the UK, falsely claiming to be an authorised firm. Read more

CySEC blacklists FX Premium and a bunch of other unregulated brokers

Jul 05 2019 14:12:33

  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. Read more

Spanish regulator updates its warning list with Traderia, Gainsy, ECNpremium, BinaryCent

Jul 04 2019 15:11:24

  The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with Traderia, Gainsy, ECNpremium, BinaryCent, Capital TradeFX, among others, earlier this week. Read more

FCA makes ESMA’s CFD restrictions permanent, but allows higher leverage on bonds

Jul 02 2019 18:53:27

UK’s Financial Conduct Authority (FCA) confirmed its decision to permanently restrict the sale of CFDs and CFD-like products on a national level earlier this week. Read more

de | cn | ru