de | cn | ru

Market News

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 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC 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
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

More Forex Market News

Philippine police arrests 277 employees in connection to a forex scam

Sep 16 2019 17:33:44

Acting on a tip from the Chinese intelligence agency the Philippine police has arrested 277 Chinese nationals working for online forex and crypto scammers. Read more

FCA prepares for a no deal Brexit

Sep 12 2019 17:05:09

The Financial Conduct Authority (FCA) in the UK has opened an emergency phone line (+44 800 048 4255), as well as a series of specialized information websites that are intended to help the financial sector cope with the possible consequences of a no deal Brexit. Read more

Police in Taiwan warns of forex scams on dating websites

Sep 11 2019 14:08:40

The Criminal Investigation Bureau (CIB) in Taiwan warns of a new wave of investment scams on dating and chat websites, featuring a case of a man who lost over 4 million Taiwanese Dollars (128 000 USD). Read more

The Marshall Islands launches a sovereign crypto coin

Sep 04 2019 16:57:05

The Marshall Islands, the small Pacific nation that is also a favorite offshore destination for many brokers that prefer to avoid the strict regulations in Europe, the U.S. Read more

Dutch authorities to regulate all crypto dealing firms

Sep 03 2019 13:43:03

The Dutch Central Bank announced new rules for all companies dealing with crypto currencies that will take effect from January 2020. Read more

Ex-BinaryBook employee sentenced to a year in prison in the US

Sep 02 2019 14:26:10

  Israeli binary options operative Lissa Mel pled guilty to her role in $145 million scam scheme, and was sentenced to a year in prison and $288 024 in restitution to victims by a US federal court previous week. Read more

SEC settles with Bitqyck and its founders accused of $13m fraud

Aug 30 2019 12:53:53

  The US Securities and Exchange Commission (SEC) has settled with founders of crypto exchange Bitqyck over an alleged $13 million fraud. Bitqyck’s founders Bruce Bise and Sam Mendez will pay a civil penalty of $8.5 million on top of disgorgement and prejudgment interest. Read more

Thai SEC warns against FXtrading Corporation

Aug 28 2019 13:06:37

  The Thai Securities and Exchanges Commission (SEC) warned the public against FXtrading Corporation - a new cryptocurrency scam targeting local investors. Read more

CNMV warns against Exilon Markets, and numerous brands of Game Capital Ads

Aug 27 2019 13:27:16

  The Comision Nacional del Mercado de Valores (CNMV) warned against Exilon Markets, BeAlgo, CapitalFXclub, numerous brands of Game Capital Ads, and several other unregulated entities. These brokers are not authorized to provide investment services or investment advice in Spain, the CNMV said. Read more

Switzerland's FINMA warns against CCX Markets

Aug 26 2019 13:20:13

  Switzerland’s financial markets and services regulator FINMA warned against unregulated broker CCX Markets previous week. The Swiss financial watchdog stated that the broker is not entered in commercial register, despite claiming to be based in the country. Read more

de | cn | ru