de | cn | ru

Market News

UK’s FCA alerts investors of unregulated brokers 10-Capital and BeAlgo

 

The UK’s Financial Conduct Authority (FCA) has recently added to more unregulated brokers to its warning list: 10-Capital and BeAlgo. According to the regulator, these entities are soliciting UK investors, while neither of them is authorized to provide financial services in the country.

 

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

 

Judging by the numerous user complaints submitted to our reviews of both BeAlgo and 10-Capital, these brokers are most likely engaged in fraudulent activities.

 

10-Capital is allegedly operated by Czech company VIVZ Odštěpný Závod. As a CFD provider, the broker should be regulated by the Czech National Bank (CNB), or another EU financial regulator, but they are not. Nonetheless, they are illegally targeting UK (and probably other European) investors. 

 

As regards the other unregulated broker, BeAlgo, it is operated by B.A.X LTD, a company allegedly based in Bulgaria. The firm, however, is not authorized by the local Financial Supervision Commission (FSC) and does not hold a license to operate as a forex and CFD broker on any regulated market, including the UK. 

 

As always, we strongly advise our readers to do proper 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.

 

The FCA is famous for its strict regulation and tight supervision. Forex brokers licensed by it have to meet a stringent requirements on capital adequacy, transaction reporting, client account segregation, negative balance protection and more. Besides, the UK financial watchdog keeps a register of authorized financial services providers 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  10-Capital  BeAlgo  warning  UK  scam 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

ASIC warns against unregulated broker GFC Investment

May 23 2019 11:44:53

  The Australian Securities and Investment Commission (ASIC) has blacklisted unregulated forex broker GFC Investment. The regulator advised investors not to deal with this broker, as it is not authorized to provide financial services in Australia and could be involved in a scam. Read more

UK residents lost over £27 million to forex and crypto scams last year

May 21 2019 11:46:54

  UK’s Financial Conduct Authority (FCA) reported that local investors lost over £27 million to scams involving crypto and forex investments last financial year. Read more

Spain’s CNMV warns HispaMarkets and Gallant Finance are not regulated

May 15 2019 09:36:29

  The Comision Nacional del Mercado de Valores (CNMV) has published a statement earlier this week, warning local investors against doing business with HispaMarkets and Gallant Finance. Read more

Bulgarian FSC opens insolvency proceedings against Matador Prime

May 14 2019 12:53:21

  The Bulgarian Financial Supervision Commission (FSC) has initiated insolvency proceedings against Matador Prime to settle the brokerage company’s relations with its clients, as announced on FSC’s website previous week. Read more

The Central Bank of Indonesia tightens forex trading platform rules

May 13 2019 14:48:01

  It seems that authorities in Indonesia have decided to tighten forex trading platform rules. According to a report from Reuters, the Central Bank of Indonesia (BI) will limit foreign forex brokers to less than 50%, and will also impose certain capital adequacy rules. Read more

Americans make 22 mln crypto exchange visits per month

May 10 2019 17:01:19

The USA is the country with the highest number of crypto account holders in the world, a recent report by the DataLight, an Estonian market research company, shows. Read more

Binance hacked for over $40 mln, halts all withdrawals

May 08 2019 17:45:38

Hour after Binance, one of the biggest crypto currency exchanges, announced that it was hacked for over 40 million USD, the company is still not sure how extensive the breach is and whether hackers are not continuing to siphon coins out of its system, the Financial Times reports. Read more

BaFin orders Olympus Markets to cease operations in Germany

Apr 24 2019 10:47:32

  The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered unregulated forex broker Olympus Markets to cease offering illegal cross-border trading services to German investors on Tuesday. Read more

CONSOB warns Swissinv24, 4xpremium, AGM Group, IWC Invest and GMT Crypto are clone firms

Apr 23 2019 13:00:37

 The Italian financial regulator CONSOB warned investors that Swissinv24, AGM Group, IWC Invest, 4xpremium and GMT Crypto are companies, and has ordered all o of them to cease their illegal operations in the country. Read more

Accent Forex ends up on FCA’s warning list

Apr 22 2019 11:48:24

  The British financial regulator warned the public against forex broker Accent Forex previous week. The Financial Conduct Authority (FCA) has recognized this broker as an unauthorized financial services provider illegally targeting local investors. Read more

de | cn | ru