de | cn | ru

Market News

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

 

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.

 

In its official notices the UK financial watchdog keeps warning that “some firms act without our authorisation and some knowingly run investment scams”. Our further reasearch on the three companies revealed that more likely all of them are involved in some sort of scam. 

 

MarketGBP is a MT4 forex and CFD broker whose website features a UK phone number, but otherwise its address and the company name are unclear. Its website features the names of Estonian company Blonde Bear OU, as well as MarketGBP Limited, but there is no mention of financial regulation.

 

Actually, the Blonde Bear OU is associated with several other shady forex brokerages (Mib700, Tradex1), as well as with the notorious Black Parrot Limited.  That being said, the Italian financial regulator CONSOB issued a cease order against Tradex1 and has also blacklisted MarketGBP.

 

The other broker FCA blacklisted, FXTRADE777, is also related to Blond Bear OU. Furthermore, the broker is blacklisted by the independent external dispute resolution Financial Commission (FinaCom). According to the FCA, FXTRADE777 is a clone firm trying to mislead investors by using the details of a licensed in the UK (FINSA Europe Ltd). The latter operates Financial Spreads, Core Spreads, and PipIndex brokerage brands.

 

Capital-Traders, on the other hand, is operated by London-based Option Solution Online Ltd., a company which is not licensed by any financial authority. It seems to us that this broker tries to mislead investors by using a logo very reminiscent to that of an internationally renowned company (Saxo Bank).

 

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 authorized by the FCA have to meet stringent requirements and are subject to tight oversight. If they fail to meet those standards and requirements, licensed brokers usually have to pay salty fines.

 

TAGS: FCA  MarketGBP  Capital-Traders  FXTRADE777  warning  UK  scam 
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
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 CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

More Forex Market News

UK's FCA updates its warning list with unregulated forex broker K2 Wall Street

Feb 15 2019 13:02:47

  The Financial Conduct Authority (FCA) has updated its warning list with unregulated broker K2 Wall Street (K2WS) on Friday. Read more

Austrian financial regulator blacklisted Tradeinvest90, FX Market Pro, and KontoFX

Feb 14 2019 13:40:05

   The Austrian Financial Market Authority (FMA) added Tradeinvest90 to its warning list on Wednesday. Earlier this month the regulator flagged other two unregulated forex brokers - FX Market Pro and KontoFX. Read more

Italy's CONSOB warns against ProCapitalFX, GameBtcFx, CryptoClubFX and other unregulated brokerage brands

Feb 13 2019 18:28:36

  Italy's financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) has updated its warning list with a bunch of unregulated brokers, including ProCapitalFX, GameBtcFx, and CryptoClubFX. Read more

CySEC blacklisted clones of BogoFinance and FXJET, as well as several other unregulated websites

Feb 12 2019 13:54:14

 The Cyprus Securities and Exchange Commission (‘CySEC’updated its warning list with clones of BogoFinance and FXJET, as well as two brands of unregulated company Algobit Ltd. - Worldwide CapitalFX and Lite Options. Read more

More than 40 brokers lose their IFSC licenses, including Finpro Trading, Fort Financial Services, Top4FX, and ZB Forex

Feb 11 2019 13:17:43

  The International Financial Services Commission of Belize (the “IFSC”) warned the public Finpro Trading, BlueMax Capital, Fort Financial Services, NPBFX, Salma Markets, Top4FX, IFA FX, ZB Forex and 40 more companies have not renewed their forex broker licenses. Read more

ACCC: Australians have lost $926 401 to investment scams in January

Feb 08 2019 13:09:32

  Australians have lost $926 401 to investment scams in January 2019, revealed the latest Scamwatch report issued by the Australian Competition & Consumer Commission (ACCC). Read more

Spain’s CNMV warns against unregulated broker CFX Point

Feb 06 2019 17:02:39

  Spain’s financial watchdog, the Comision Nacional del Mercado de Valores (CNMV), issued warnings against forex broker CFX Point, and several other unregulated financial service providers on Monday. Read more

Italy’s CONSOB blacklists FX Market Pro and FXNobel(s)

Feb 05 2019 11:59:33

  Unregulated CFD brokerages FX Market Pro and FXNobel(s) are the latest additions to the long warning list of Italian financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB). Read more

ESMA renews restrictions on CFD trading, implies closer monitoring

Feb 01 2019 16:25:36

  The European Securities Markets Authority (ESMA) announced on Thursday it is renewing the restrictions on CFDs trading for another three months as of February 1, 2019. Read more

Italy's CONSOB added TorOption and FXBreeze to its warning list

Jan 30 2019 13:25:58

  Italy's financial markets regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) has updated its warning list with unregulated forex brokers TorOption and FXBreeze earlier this week. Read more

de | cn | ru