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UK's FCA updates its warning list with Prestige FM, FXFWay and Yes Trading

 

The UK Financial Conduct Authority (FCA) added a bunch of unregulated forex brokers to its warning list on Monday. These are Prestige Financial Markets, FXFWay and Yes Trading (Yes Option), which have been targeting UK clients without FCA’s authorization.

 

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

 

FxFWay is a forex and CFD broker with offices in UK, Hong Kong and Vanuatu. It offers trading on MetaTrader 4 platform, but its product portfolio is quite limited and the cost of trading too high. 

 

The trading conditions of Prestige Financial Markets (Prestige FM) are no better – a spread of above 3 pips, high initial deposit required, and no MT4 available.

 

Although Yes Trading is supposed to be the forex brand of the company behind it, both the account types and the trading platform would suit more a binary options broker.

 

The FCA strongly advises UK investors to only deal with financial firms that are licensed by them, and check the Financial Service Register to ensure they are. Brokers authorised by the FCA have to meet stringent requirements and are subject to tight oversight. If they fail to meet those standards and requirements, licensed companies usually have to pay salty fines.

 

This might be tough for businesses, but traders are well-off: they know that the FCA is monitoring their broker, and that even if the latter 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 £50,000 in compensation each.

TAGS: FCA  warning  Prestige Financial Markets  FXFWay  Yes Trading 
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