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RTCFinance loses Belize license

 Belize’s International Financial Services Commission (IFSC) has announced that the company Icon Markets Limited, operating the domains www.hedgestonegroup.com (binary options broker), www.iconmarkets.com, and www.rtcfinance.com (a forex brokerage) is no longer licensed by it.


The license number IFSC/60/461 for or trading in financial and commodity-based derivative instruments and other securities or to engage in any other International Financial Services, is no longer valid, starting from January 1, 2018.


RTCFinance appeared on the market in the beginning of 2017, but turned out to be a complete scam. We have expressed our doubts in our review, which has garnered nearly 70 customer complaints. The words “fraud” and “scam” appeared time and time again and clients were alleging they were pressured to deposit more and more money and did not get their funds back. This is a usual tactic employed by scam brokers and this is why we always advise our readers to avoid dealing with offshore companies, be they regulated or not. The offshore regulators usually do not have the reputation of strict requirements and oversight, even though Belize’s IFSC exercises supervision to a certain extent.


During its relatively short existence, RTCFinance also garnered a warning from UK’s FCA, which in October announced the company is a clone and is using the details of a Cyprus-regulated company to confound its clients.


 

TAGS: belize  ifsc  rtcfinance  license 
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