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UK’s FCA blacklists unregulated forex broker Glenmore Investments

 

The UK Financial Conduct Authority (FCA) added GoldTech Media Services OÜ to its ever-growing list of unregulated companies providing financial services in the country.  The company operates Glenmore Investments and S2Trade brokerage brands and provides an official address in Estonia.

 

This firm is not authorised by us and is targeting people in the UK,” said the FCA in its notice, and advised investors to be especially wary of dealing with this unauthorised company.

 

We would also advise our readers to stay away from this firm, as it appears that a lot of traders have already been scammed by both brokerage brands of the firm. Glenmore investments and S2Trade offer trading in forex and CFDs on the good old MetaTrader4. However, you can read had happened to those who were naïve enough to invest with either of the brokerages in the user comments submitted to our reviews.

 

It seems that Glenmore investments and S2Trade follow the classic scam tactics. First they cold-call people, persuading them to deposit more and more with the usual get-rich-fast promises. When their clients wish to withdraw, they start stonewalling them, and finally disappear with all the money.

 

The UK financial regulator advises investors to check company names of forex brokers in the Financial Services Register kept by it, before depositing any money. Apart from issuing warnings against brokers that could possibly harm UK investors and keeping a register of licensed companies, the FCA applies strict requirements to authorized brokers and sees to their compliance. Those who fail to comply with the applicable standards and rules, are charged with salty fines.

 

TAGS: FCA  warning  Glenmore Investments  S2Trade 
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