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UK’s FCA adds FXG Trade and Xtraderfx to its warning list

 

The UK Financial Conduct Authority (FCA) added two more unregulated companies to its warning list on Friday. These are FXG Trade and Xtraderfx (a trading style of Gpay Limited), which have been providing financial services in the UK without being authorized by the FCA.

 

XtraderFX is a CFD broker, focused on the crypto currency market, which on first glance can even be mistaken for a crypto exchange. The broker is operated by GPAY Ltd., and claims to be registered in the UK. However, a simple registration is not enough for financial intermediaries, operating in “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us”, the FCA  reiterates in its official warnings.

 

FXG Trade also puts a focus on crypto CFDs, such as Bitcoin and Ethereum. According to the information on its website, it is owned by Capital FXG LTD, and operated by Nordic Pearl Limited. The broker seems to be based in Bulgaria and while financial regulation there is solid, FXG Trade is not regulated by the local Financial Supervision Commission, nor by any other regulator. Considering the number of negative user comments on our review of this broker, FXG Trade seems to be running investment scams.

 

The UK’s financial watchdog advises investors to check company names of forex brokers in the Financial Services Register, kept by the FCA. Investors should also keep in mind that their funds are not covered under the Financial Services Compensation Scheme (FSCS) if the company they are dealing with is not authorised by FCA.

 

The UK financial regulator is famous for its tight supervision. Apart from issuing warnings against entities that could possibly harm UK investors and keeping a register of licensed companies, the FCA applies strict requirements to authorized brokers and sees to their compliance. Those who fail to comply with the applicable standards and rules, are charged with salty fines.

TAGS: FCA  warning  UK  FXG Trade  Xtraderfx 
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