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UK's FCA warns against unregulated forex brokers BrokerXP, ForexGrand and Golden Markets

 

The UK Financial Conduct Authority (FCA) warned against BrokerXP, ForexGrand and Golden Markets in a series of official notices on its website last week. These are the last forex brokers added to FCA’s list of companies who have been providing financial services in the UK without its authorization.

 

Some of these entities knowingly run investment scams, and even if they don’t, clients of such brokers don’t have any protection. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts, for example. Furthermore, they are not under the umbrella of the Financial Services Compensation Scheme (FSCS), which can pay up to £50,000 per client in case a licensed broker becomes insolvent..

 

Here are some details on each of the brokers mentioned above:

 

ForexGrand is allegedly operated by Grand Services LTD, a company registered offshore, on the Marshall Islands. Previously the forex broker was owned by Bulgarian-based Nordic Pearl Limited, or at least that was the information featured on its website. Considering the number of negative comments on our website, ForexGrand is more likely a scam broker.

 

There are two companies behind the BrokerXP brand: Mergers and Acquisitions Consultancy LP, a company based in Edinburgh which, however is only registered in the UK; and Aviant Marketing Limited, which is incorporated on the Marshall Islands. The broker offers trading in many currency pairs and multiple CFDs, however its trading conditions are not good.

 

Golden Markets is originating from Estonia, but seems to have an office in the UK. Actually, the website of this broker is not very informative, but it seems to focus on cryptocurrencies CFDs.

 

The FCA is famous for its strict regulation and tight supervision. It regularly issues warnings against companies that illegally target UK residents and could possibly harm them. In addition, the regulator keeps a register of licensed forex and binary options brokers, so traders can check whether a broker is licensed or not prior to opening an account.

 

TAGS: FCA  warning  UK  BrokerXP  ForexGrand  Golden Markets 

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