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UK’s FCA blacklists PrimeCrypto, Investex and eMarketsTrade

 

The Financial Conduct Authority in the UK updated its warning list with PrimeCrypto, Investex and eMarketsTrade. According to the regulator, these brokers have been offering, promoting or selling financial services or products in the UK without exemption or its authorization.

 

From the FCA’s notice it becomes clear that Investex is operated by Investex Capital Ltd., a company registered in Vanuatu, which is illegally targeting people around the world but, primarily in Germany, France, Spain and Italy. UK’s financial watchdog has not specified a website via which the broker operates but we suspect that it might be related to the forex broker Investex we have reviewed.

 

eMarketsTrade (operating via www.emarketstrade.com website) is a cryptocurrency CFD broker that claims to be operated by Kalessica Limited, a company allegedly headquartered in Cyprus. Previously, it stated that it was a trading name of SAS Global Trading Limited, a company based on the British Virgin Islands. Whichever the company operating eMarketsTrade, it is not authorised by the FCA, nor any other European financial authority, and is targeting people in the UK.

 

What is more, judging by the plethora of complaints posted as comments to our review, it seems that eMarketsTrade is involved in investment scam.

 

PrimeCrypto is also a CFD broker focused on the crypto market whose online reputation is very poor. It is allegedly owned and operated by Maplewalk Limited, a company with a contact address in Bulgaria. The firm, however is not licensed in Bulgaria, nor in the UK or anywhere else.

 

The FCA strongly advises UK investors to only deal with financial firms that are licensed by them, and check the Financial Service Register to ensure they are. Brokers authorized by the FCA have to meet stringent requirements and are subject to tight oversight. If they fail to meet those standards and requirements, licensed brokers usually have to pay salty fines.

 

This might be tough for businesses, but traders are well-off: they know that the FCA is monitoring their broker, and that even if the latter becomes insolvent, there is the Financial Services Compensation Scheme (FSCS). Under the umbrella of the FSCS, clients of regulated entities are entitled to receive up to £50,000 in compensation each.

 

TAGS: FCA  warning  PrimeCrypto  Investex  eMarketsTrade  scam  UK 
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, South Africa FCA, ASIC, FSCA 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

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