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UK's FCA adds unregulated forex broker Utrade to its warning list

 

UK’s Financial Conduct Authority (FCA) has warned of forex broker Utrade, which has been providing financial services in the country without being regulated by them. “This firm is not authorised by us and is targeting people in the UK,” the FCA said in its notice. 

 

Utrade operates from the utrade.online domain and claims to offer trading on MetaTrader 4 and Sirix, but it seems to its clients are instead provided only with some unproven web-based platform. The minimum deposit the broker requires is $250.

 

According to the information on its website, Utrade is owned by Callpoint ltd s.r.l., a company registered in the Bucharest, Romania. It does not claim to be licensed by the FCA, nor by any other authority. However, all companies that offer, promote or sell financial services or products in the UK have to be regulated by the FCA. Yet, there are some brokers who do that without its authorization, and large percentage of those actually run investment scams.

 

That is why FCA advises UK investors to deal only with companies authorised by them, and to check the Financial Service Register prior to opening an account with a forex broker. Brokerages authorized by the FCA have to meet a number of requirements and comply with a set of strict rules on capital adequacy, client account segregation, transaction reporting and more. Clients of authorized brokers can trade with the ease of mind that their accounts and funds are safe and secure, especially considering the FSCS coverage.

TAGS: FCA  warning  Utrade 

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