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
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa, UAE CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

More Forex Market News

UK’ FCA updates warning list with MarketGBP, Capital-Traders, and FXTRADE777

Jan 17 2019 08:59:23

  The UK’s Financial Conduct Authority updated its warning list with unregulated forex brokers MarketGBP, Capital-Traders, and FXTRADE777 on Wednesday. According to the regulator, these brokers have been providing financial services or products in the UK without its authorization. Read more

CySEC warns against World Trust Invest, Eurotrade Investments, and CoinOptions Trade

Jan 16 2019 13:32:44

  The Cyprus Securities and Exchange Commission (‘CySEC’) issued a warning against unregulated brokers World Trust Invest, Eurotrade Investments, and CoinOptions Trade on Tuesday. Read more

BaFin orders Prestige FM / Euro Wealth OÜ to cease operations

Jan 15 2019 11:58:26

  The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered Euro Wealth OÜ, operating Prestige Financial Markets brokerage brand, to cease offering illegal cross-border trading services to German investors. Read more

ASIC blacklisted unauthorized forex broker 4XFX

Jan 14 2019 14:27:06

  The Australian Securities and Investment Commission (ASIC) added unregulated forex broker 4XFX to its warning list previous week. Read more

ESMA calls for common approach on cryptocurrencies

Jan 10 2019 14:47:15

  The European Securities and Markets Authority (ESMA) has identified certain gaps and issues in the existing EU financial regulatory framework for cryptocurrencies and considers that further measures need to be taken in the sector to ensure investor protection. Read more

FCA added SafeMarkets to its warning list

Jan 04 2019 09:06:03

  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. Read more

Abshire-Smith winds down UK operations due to the tough EU regulatory regime

Jan 02 2019 14:58:22

  A regulatory filing with the UK’s Companies House revealed that London-based forex and CFD brokerage Abshire-Smith is closing down its operations in the United Kingdom. Read more

CySEC statistics: After some records have been achieved in 2016 and 2017, what’s next?

Dec 31 2018 14:47:19

  According to data published by the Cyprus Securities and Exchange Commission (CySEC), the number of licensed forex brokers in the country peaked in 2017, while the largest trading and net income was reached in 2016. Read more

Bank of Russia suspends forex dealer licenses of Alpari, TeleTrade, TrustForex, and Forex Club

Dec 27 2018 14:32:18

  The Central Bank of Russia (CRB) announced it suspends the forex dealer licenses of Alpari, TeleTrade, TrustForex, and Forex Club due to violations of the Russian law. Read more

BaFin follows suit, restricts CFD trading permanently

Dec 21 2018 14:26:23

  Germany’s financial regulator BaFin plans to apply permanently ESMA’s CFD trading restrictions on a national level. The decision is intended as a protective measure for retail investors which will take effect in 2019. Read more

de | cn | ru