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

Jan 17 2019
By
Jonathan Smith

 

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 
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