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UK’s FCA blacklists Royal CFDs and DXT Markets

Oct 11 2018
By
Jonathan Smith

 

The Financial Conduct Authority (FCA) has blacklisted unregulated brokers Royal CFDs and DXT Markets earlier this week. According to the UK Financial watchdog, these companies are not licensed to offer its services in the country, but have been illegally targeting local investors.

 

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

 

DXT Markets is a binary options broker that offers trading in various cryptocurrencies via dtxmarkets.com website and provides an address in the UK, but the company is actually registered offshore, in the British Virgin Islands. According to FCA’s notice, this company is falsely using this UK address that it is not associated with in any way.

 

RoyalCFDs is a forex and CFD broker that also offers trading in cryptocurrencies. The company allegedly owning and operating this brokerage, DIGITAL WORLDWIDE OU, an Estonian company, is not regulated by the FCA, nor by any other appropriate agency. Besides, judging by the numerous negative reviews on our website (as well as in other sites and forums), RoyalCFDs has swindles a lot of investors out of their money.

 

The FCA is famous for its strict regulation and tight supervision. Financial service providers licensed by it have to meet a strict set of requirements on capital adequacy, transaction reporting, client account segregation, and more. Besides, the UK financial watchdog keeps a register of authorized forex and binary options brokers 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  warning  Royal CFDs  DXT Markets  UK 
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