de | cn | ru

Market News

UK’s FCA blacklists unregulated broker FX Merchants

 

The Financial Conduct Authority (FCA) has updated its warning list with unregulated broker FX Merchants on Tuesday. According to the UK Financial watchdog, this entity are not licensed to offer its services in the country, but has 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 stated in its notice. “However, some firms act without our authorisation and some knowingly run investment scams.”

 

It seems that this is exactly the case with FX Merchants. The broker (operating viafxmerchants.com website) claims to offer trading in forex and cryptocurrencies, as well as asset management services. However, it is not licensed, provides no information on trading conditions, nor free testing service, and live account registrants are redirected to another website.

 

The FCA strongly advises UK investors to only deal with companies that are licensed by them, and check the Financial Service Register to ensure they really are. Brokers licensed by the FCA have to meet a number of requirements and are subject to tight oversight, so their clients may rest assured that their money and interests are protected.

 

Even if a UK broker 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  FX Merchants  scam  UK 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia 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
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa, UAE CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

More Forex Market News

UK’ FCA updates warning list with MarketGBP, Capital-Traders, and FXTRADE777

Jan 17 2019 08:59:23

  The UK’s Financial Conduct Authority updated its warning list with unregulated forex brokers MarketGBP, Capital-Traders, and FXTRADE777 on Wednesday. According to the regulator, these brokers have been providing financial services or products in the UK without its authorization. Read more

CySEC warns against World Trust Invest, Eurotrade Investments, and CoinOptions Trade

Jan 16 2019 13:32:44

  The Cyprus Securities and Exchange Commission (‘CySEC’) issued a warning against unregulated brokers World Trust Invest, Eurotrade Investments, and CoinOptions Trade on Tuesday. Read more

BaFin orders Prestige FM / Euro Wealth OÜ to cease operations

Jan 15 2019 11:58:26

  The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered Euro Wealth OÜ, operating Prestige Financial Markets brokerage brand, to cease offering illegal cross-border trading services to German investors. Read more

ASIC blacklisted unauthorized forex broker 4XFX

Jan 14 2019 14:27:06

  The Australian Securities and Investment Commission (ASIC) added unregulated forex broker 4XFX to its warning list previous week. Read more

ESMA calls for common approach on cryptocurrencies

Jan 10 2019 14:47:15

  The European Securities and Markets Authority (ESMA) has identified certain gaps and issues in the existing EU financial regulatory framework for cryptocurrencies and considers that further measures need to be taken in the sector to ensure investor protection. Read more

FCA added SafeMarkets to its warning list

Jan 04 2019 09:06:03

  The Financial Conduct Authority (FCA) in the UK added SafeMarkets to its long list of companies that illegally target British customers and offer financial services without a license. Read more

Abshire-Smith winds down UK operations due to the tough EU regulatory regime

Jan 02 2019 14:58:22

  A regulatory filing with the UK’s Companies House revealed that London-based forex and CFD brokerage Abshire-Smith is closing down its operations in the United Kingdom. Read more

CySEC statistics: After some records have been achieved in 2016 and 2017, what’s next?

Dec 31 2018 14:47:19

  According to data published by the Cyprus Securities and Exchange Commission (CySEC), the number of licensed forex brokers in the country peaked in 2017, while the largest trading and net income was reached in 2016. Read more

Bank of Russia suspends forex dealer licenses of Alpari, TeleTrade, TrustForex, and Forex Club

Dec 27 2018 14:32:18

  The Central Bank of Russia (CRB) announced it suspends the forex dealer licenses of Alpari, TeleTrade, TrustForex, and Forex Club due to violations of the Russian law. Read more

BaFin follows suit, restricts CFD trading permanently

Dec 21 2018 14:26:23

  Germany’s financial regulator BaFin plans to apply permanently ESMA’s CFD trading restrictions on a national level. The decision is intended as a protective measure for retail investors which will take effect in 2019. Read more

de | cn | ru