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FCA updates its warning list with forex brokers FTO Capital and EU-Capital

Jun 21 2018
By
Jonathan Smith

 

The UK Financial Conduct Authority (FCA) updated its warning list with two more unregulated forex brokers earlier this week. These are Financial Trading Online (FTO Capital) and EU-Capital, which have been providing financial services in the UK without being authorized by the FCA.

 

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 reiterates in its official warnings. “However, some firms act without our authorisation and some knowingly run investment scams.”

 

FTO Capital is allegedly owned and operated by Nona Marketing LTD, a company operating from the Marshall Islands. EU capital, on the other hand, has provided no information about the company behind it. Obviously, both brokers are not regulated. Considering the number of negative comments on our reviews of Financial Trading Online (FTO Capital) and EU-Capital, most likely both brokerages are scams.  

 

That is why the FCA strongly advises UK investors to only deal with financial firms that are authorised by them, and check the Financial Service Register to ensure they are.

 

Indeed, brokers licensed by the FCA have to meet strict set of requirements and if they fail to do so, the fines are quite salty. That is why =clients of such brokers can trade with the ease of mind that their money is safe and their interests are protected. All the more so, considering the coverage by the Financial Services Compensation Scheme (FSCS) in case of broker insolvency.

 

TAGS: FCA  warning  UK  FTO Capital  EU-Capital  forex scam 
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