Sponsored By
de | cn | ru

Market News

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 

Related forex news

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC 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, South Africa CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
UK, Singapore, Australia FCA, MAS, ASIC MT4, AT Pro,
Advantage Web
£100 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

More Forex Market News

Japanese exchange Zaif hacked, reportedly lost over $59 million

Sep 20 2018 11:58:03

  Japanese crypto exchange Zaif was hacked and lost over $59 million worth of cryptocurrencies, local media sources reported today.   According to the report, the hackers stole 5,966 Bitcoins, some Bitcoin Cash, and MonaCoin. Cryptocurrencies worth 4. Read more

CySEC withdraws CIF licenses of AnyOption and Gobaba FX

Sep 17 2018 07:27:45

  The Cyprus Securities and Exchange Commission (CySEC) announced previous week that it withdraws the Cyprus Investment Firm (CIF) licenses of the parent of AnyOption, Ouroboros Derivatives Trading Ltd., and of Gobaba FX Cy Ltd. Read more

UK's FCA warned against Prime Crypto and 4xpremium clone firm

Sep 14 2018 10:05:58

  UK’s Financial Conduct Authority (FCA) has added several investment companies to its warning list on Thursday. Among them are the forex broker 4xpremium -  a clone firm -  and unregulated crypto CFD provider PrimeCrypto. Read more

BaFin warns against recovery scams

Sep 11 2018 14:20:43

  Germany’s financial watchdog BaFin alerted of follow-up scams targeting investors who already lost to binary options, promising to recover the money that they lost against an upfront payment. Read more

SEC charges two individuals for participating in a Ponzi-like scheme

Sep 07 2018 14:08:16

  The United States Securities and Exchange Commission (SEC) has charged two individuals working at Nonko Trading with fraud on Wednesday. Read more

Belgium’s FSMA updates its crypto warning list with 28 fraudulent websites

Sep 05 2018 13:59:47

  Belgium’s Financial Services and Markets Authority (FSMA) announced Tuesday it has added 28 crypto trading platforms to its warning list. The regulator said that it has received a number of questions/complaints from consumers regarding those websites and has identified signs of fraud. Read more

UK's FCA adds Stock Trade Invest to its warning list

Sep 04 2018 10:12:30

  UK’s Financial Conduct Authority (FCA) flagged another unregulated forex and CFD broker on Monday. The regulator warned the public that Stocktradeinvest Ltd., doing business as Stock Trade Invest has been providing financial services in the country without holding a FCA license. Read more

Hong Kong’s SFC warns against KB Capitals and TGC FX

Sep 03 2018 12:09:31

  Hong Kong’s Securities and Futures Commission (SFC) has added two more unregulated brokers to its warning list previous week: KB Capitals and TGC FX (or TGC Group). The SFC pointed out that both brokers are not authorised to offer financial services in Hong Kong. Read more

ESMA to renew binary options trading ban for further three months

Aug 24 2018 12:47:16

  The European Securities and Markets Authority (ESMA) has come out with an official statement on Friday, saying that it will extend the prohibition on binary options for a further three-month period from October 2, 2018. Read more

Bitcoin ETFs rejected again by SEC

Aug 23 2018 15:00:32

  The Securities and Exchange Commission of the USA (SEC) once again said no to trading of Bitcoin Exchange traded funds (ETFs). The US regulator has rejected several proposals made in this regard by a subsidiary of the New York Stock Exchange, NYSE Arca. Read more

de | cn | ru