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UK's FCA blacklisted AMP Trading and CFDS100

 

UK's Financial Conduct Authority (FCA) blacklisted a number of companies thся week. Among them are unregulated forex brokerages AMP Trading and CFDS100, which are targeting UK investors and carrying on regulated activities which require FCA’s authorization.

 

As the UK financial regulator warns, some of the firms that act without its authorisation and knowingly run investment scams.

 

AMP Trading operates via www.amptradinggroup.com and offers trading in forex and cryptocurrencies via managed accounts on MT5 platform. However, the company’s registration in England and Wales does not permit it to operate as a brokerage company.

 

Although the FCA does not explicitly say this, it seems that AMP Trading tries to mislead traders that it is a part of the AMP Global group, which includes Chicago-based brokerage AMP Futures and AMP Global Europe. This is what is commonly referred to as a clone firm, a very popular scam tactic to attract clients in the trading world.

 

The other broker FCA warned about, CFDs100, is owned and operated by Estonian company TRSystem Ltd, which is not licensed by the local FSA, nor by UK’s FCA, or any other governmental agency. Judging by the plethora of negative user reviews on our website, CFDs100 is most likely a scam broker.

 

We always advise our readers to check whether the company is properly regulated by a reputable supervisor like the FCA or the Australian Securities and Investment Commission (ASIC). Also, it is a good idea to do a due diligence check before you deposit and google the broker name to see whether there have been warnings against it or if it has been in some sort of trouble with regulators – fines, suspensions of licenses, etc.

 

TAGS: FCA  warning  AMP Trading  CFDS100  scam 

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