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FCA warns against binary options brokers Rbinary, BigOption and VIP Brokers

May 22 2018
By
Jonathan Smith

 

The Financial Conduct Authority (FCA) has added several unregulated binary options brokers to its warning list on Monday. According to the UK’s financial watchdog, Rbinary, BigOption and VIP Brokers have been providing financial services or products in the UK without its authorisation.

 

Furthermore, the FCA warned that some firms who provide financial services in the country illegally and target people in the UK knowingly run investment scams.

 

Here are some details on the three above mentioned brokers:

- Rbinary offers trading in binary options, as well as social trading with returns up to 81%. The website does not mention the name of the company owning the brand, but according to the Terms and Conditions, it is registered in the Marshall Islands.

 

- BigOption’s website is currently not accessible, so more information about this broker is not available. Judging by its name, however, it is probably also a binary options broker and obviously, it is not regulated.

 

- VIP Brokers is owned by Wilkinson Development LTD., is also registered in the Marshall Islands. It has several account types with promised returns from 81% to 92%.Binary options brokers usually promise high payouts, but actually most of their clients lose a lot of money. According to a ecent survey of the FCA, UK residents lose an average of GBP 87 000 a day to binary options scams.

 

We keep reiterating that forex and binary options brokers incorporated in offshore destinations such as the Marshall Islands, are not to be trusted. Many of them are outright scams, and even if they are not, their clients have no protection whatsoever if something goes wrong. Meanwhile, all brokers licensed by UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS). So, you’d better check a broker’s name in FCA’s register of licensed companies prior to investing in it.

 

TAGS: FCA  warning  UK  Rbinary  BigOption  VIP Brokers 
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