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Forexbit ends up on FCA's warning list

Aug 29 2019
By
Jonathan Smith

The Financial Conduct Authority (FCA) in the UK added Forexbit to its long list of companies that illegally target British customers and offer financial services without a license.

 

Some firms act without our authorisation and some knowingly run investment scams”, stated the FCA in its warning.

 

Forexbit is an unregulated forex and binary options broker that offers trading in forex and cryptocurrencies. According to the information on broker’s website (www.forexbit.com, which is no longer accessible), ForexBit is operated by Alpha Capital Technology, a company with registered address in Bulgaria that is operating out of London, UK. Yet, the firm is not licensed by the Financial Conduct Authority (FCA) in UK, nor by the financial regulator in Bulgaria, or any other authority.

 

Besides, our review of ForexBit got a lot of negative feedback and complaints on the part of people claiming to be its clients. Most of them say that the broker is a scam.

 

 

Britain’s Financial Conduct Authority, or FCA, keeps a closer eye on firms selling high-risk and speculative investments to retail clients. Previous month it blacklisted several clone firms of Darwinex.

 

Furthermore, the UK financial regulator keeps a Financial Services Register, where investors can look up their (potential) broker’s name. Also, it is a good idea to do a due diligence check before you deposit and google the broker name to see whether there have been warnings against it or user complaints.

 

 

>> Check out a list of brokers authorized by FCA <<

    

TAGS: FCA  warning  Forexbit  scam  UK 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA 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, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

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