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FCA warns against unregulated forex brokers Safemarkets and IDB Trades

 

The UK Financial Conduct Authority (FCA) warned against Safemarkets and IDB Trades earlier this week. According to the regulator, the two forex brokerages have been providing financial services in the country without being authorized.


The FCA noted that some firms who provide financial services in the UK without their authorisation knowingly run investment scams.


Safemarkets provides trading in forex and cryptocurrencies, but its offerings are not very clear. Basically, there isn’t any specific information on trading conditions, nor the platform it uses on the website (safemarkets.com). There is no option to register a demo account either. The broker is allegedly operated by ALMAMARKETS LTD, a London-based company.


IDB Trades is also based in the UK, and more specifically, in Scotland. Nonetheless, the company behind the brand, Baltic Concert LLP, is registered offshore, in Vanuatu. While this broker has shed some lights on its trading conditions, they don’t seem very attractive. Much like Safemarkets, IDB Trades does not offer free demo accounts and seems quite dubious.


The FCA is famous for its strict regulation and tight supervision. It keeps a register of authorized forex and binary options brokers, so traders can check whether a broker is licensed or not prior to opening an account. It also issues warnings against firms that illegally target UK clients could possibly harm them.

 

TAGS: FCA  warning  UK  IDB Trades  Safemarkets 
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