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

May 17 2019
By
Jonathan Smith

 

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 
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