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UK’s FCA warns against forex broker SolidCFD

 

UK’s Financial Conduct Authority (FCA) has issued a warning that the forex broker SolidCFD, which is not licensed to offer its services in the country, but has been targeting local investors.

 

It operates via the solidcfd.com website and provides an address in the UK, but the company is actually registered offshore, in Vanuatu.

 

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us”, the UK financial watchdog said in its notice. “However, some firms act without our authorisation and some knowingly run investment scams.”

 

Judging by the numerous negative reviews on our website and other sites and forums, SolidCFD might be one of those scam companies. Trading at SolidCFD is provided via a modified version of the popular binary options trading platform SpotOption with leverage up to 1:300 and spreads fixed at 3 pips (pretty high cost of trading).

 

The FCA is famous for its strict regulation and tight supervision. Nearly all financial service providers are required to hold a license by the relevant authority. Besides, the UK financial watchdog keeps a register of authorized forex and binary options brokers where traders can look up a broker prior to investing with it. It also issues warnings against entities that could possibly harm investors on a regular basis.

 

TAGS: FCA  warning  SolidCFD 
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