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UK’s FCA adds Key Markets and CFD Premium to its warning list

May 31 2019
By
Jonathan Smith

 

The Financial Conduct Authority (FCA) has recently updated its warning list with unregulated brokers Key Markets and CFD Premium on Thursday. According to the regulator, these brokers have been providing financial services or products in the UK without its authorization.

 

In its official notices the UK financial watchdog keeps warning that “some firms act without our authorisation and some knowingly run investment scams”.

 

A brief review of Key Markets’ website (key-markets.com) reveals that the broker offers trading in wide range of financial instruments on the MetaTrader4 platform. However, the company behind the brand, Key Markets Ltd., is registered offshore, on the Marshall Islands, and is not entitled to operate on any regulated financial market, UK included. Besides, all comments posted by clients of Key Markets to our review of the broker claim that the broker is a scam.

 

The feedback we got on CFD Premium is even worse. The broker has an address and a contact number in the UK, but is not licensed by the FCA. CFD Premium’s website mentions some “Financial Services Board regulatory mechanism”, obviously in an attempt to mislead (potential) clients that it is regulated.

 

The FCA strongly advises UK investors to only deal with companies that are licensed by them, and check the Financial Service Register to ensure they really are. Brokers licensed by the FCA have to meet a number of requirements and are subject to tight oversight, so their clients may rest assured that their money and interests are protected.

 

We would also suggest that investors do some research on the company before opening an account, giving out any personal information and money, as well as to carefully check the registries of the relevant financial authorities.

 

TAGS: FCA  warning  Key Markets  CFD Premium  UK  scam 
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