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UK’s FCA warns of unregulated forex broker Gallant Finance

Aug 15 2018
By
Jonathan Smith

 

 

UK’s Financial Conduct Authority (FCA) has warned the public in an official statement on Tuesday that forex broker Gallant Finance is not authorized to offer its services in the UK.

 

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization,” the FCA said in its official notice.

 

Gallant Finance is allegedly owned by the Saint Vincent and the Grenadines based Allmedia Limited. Previously it claimed to be operated by Gallant Private Financial Group. Scammers often change their names and domains, so it does not matter much. What matters is that Gallant Finance is an offshore broker, and it obviously solicits UK investors without being licensed by the FCA.

 

According to the information on its website, the broker offers a variety of account types, payment methods and tradeable assets. It also promises trading on the popular MetaTrader 4 platform and One-on-one sessions to beginner traders. Its spreads, however, are far from attractive, but that does not matter much if the broker is engaged in fraudulent activities.

 

Judging by the comments clients of Gallant Finance posted to our review of Gallant Finance, this is indeed a scam, so you’d better stay away. That is why FCA also advises UK investors to deal only with companies authorised by them, and to check the Financial Service Register prior to opening an account with a forex broker.

 

Brokerages authorized by the FCA have to meet a set of strict requirements and are members of the Financial Services Compensation Scheme (FSCS). Therefore, clients of FCA-regulated brokers can trade with the ease of mind that their accounts and funds are safe and secure.

 

TAGS: FCA  warning  UK  Gallant Finance  regulation 
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