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The UK Financial Conduct Authority warns against Capital Banks and Blue Trading

 

The UK’s Financial Conduct Authority (FCA) has recently added two more unregulated brokers to its ever-growing warning list: Capital Banks (FINBDO LTD.) and Blue Trading (Blue Group). Based on information it holds, the FCA claims that these two brokers are targeting people in the UK and carrying on regulated activities which require its authorization.

 

Blue Trading’s offering seems quite obscure, but it appears to focus on cryptocurrencies. Its website (www.bluetrading.com) promises STP execution on a Managed Account Platform that that “allows users to watch their accounts grow by logging in 24 hours a day”. The minimum investment required by Blue Trading is quite high, amounting to €3,000, and on top of that there is a 18% performance fee.

 

The brand is allegedly owned by Blue Group, an affiliated company of BluVenture Group Ltd., which operates the Blue Broker brand (www.bluebroker.com). However, BluVenture Group Ltd. is a FinaCom member, while Blue Group is not. The Financial Commission explicitly says that customers of BlueTrading using 3rd party managed account services “are not eligible for Financial Commission dispute resolution services or use of the Compensation Fund”.

 

Nonetheless, none of these brands are allowed to provide financial services in the UK. And neither is Capital Banks operating via capitalsbanks.com website. The broker is owned by FINBDO LTD. – a company that is simply registered in England and Wales, but not licensed by the FCA. Yet, it seems that forex and CFD broker Capital Banks has been illegally targeting UK clients.

 

We always advise our readers to check whether a company is properly regulated by a reputable supervisor like the FCA or the Australian Securities and Investment Commission (ASIC). 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 if it has been in some sort of trouble with regulators.

 

TAGS: FCA  warning  Capital Banks  Blue Trading  UK  scam 

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