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FCA updates its warning list with CryptoExp, CapitalXP, and 4XFX

Apr 16 2019
By
Jonathan Smith

 

The Financial Conduct Authority (FCA) has recently updated its warning list with unregulated brokers CryptoExp, CapitalXP, and 4XFX. According to the regulator, these brokers have been providing financial services or products in the UK without its authorization.

 

As usual, the UK financial watchdog also warned that some firms who provide financial services in the country illegally knowingly run investment scams.

 

A brief review of CryptoExp’s website reveals that this is a Bulgarian crypto CFD provider, whose offer isn’t impressive by any standards. The main problem with it is the lack of any legit broker license, which means that the broker is not entitled to operate on any regulated financial market, UK included.

 

Similar is the situation with CapitalXP o an offshore MT4 brokerage with very limited credibility level.  Considering the number of negative comments posted to our review of this provider, it has swindles a lot of investors out of their money.

 

We also suspect that 4XFX is also involved in some sort of financial scam. The broker is allegedly operated by GRF EUROPE OÜ, a company based in Estonia, which is not authorized by Estonian Finantsinspektsioon, nor by any other governmental agency. What is worse, 4XFX has also been blacklisted by the Australian Securities and Investment Commission (ASIC).

 

The FCA strongly advises UK investors to only deal with companies that are licensed by them, and check the Financial Service Register to ensure they really are. Brokers licensed by the FCA have to meet a number of requirements and are subject to tight oversight, so their clients may rest assured that their money and interests are protected.

 

Even if a UK broker becomes insolvent, there is the Financial Services Compensation Scheme (FSCS). Under the umbrella of the FSCS, clients of regulated entities are entitled to receive up to £85,000 in compensation each.

 

TAGS: FCA  CryptoExp  CapitalXP  4XFX  warning  UK  scam 
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, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia 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 MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

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