Market News

UK’s FCA warns of unregulated forex broker XMarkets

Feb 16 2018
By Jonathan Smith

UK’s Financial Conduct Authority (FCA) has issued a warning that the forex broker XMarkets is not licensed 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, advising investors to only deal with authorized companies.

XMarkets claims it is a “forex and fixed return options provider” operated by Capital Force Ltd., registered in the Republic of Samoa. The island nation is not known as an offshore zone, but the local financial sector is fairly unregulated, which makes Samoa an attractive location for some financial services providers.

XMarkets also says it is an innovative and dynamic company that offers “the best trading conditions”, “robust security” and keeps client funds in segregated accounts. We tried to check whether the trading conditions are favorable, but could not find them anywhere, unless we register for an account, providing personal information and a phone number.

Like FCA, we also strongly advise the potential investors to avoid dealing with unregulated companies. Sometimes they are a scam, sometimes they are not, but either way, they do not offer any customer protection in case something goes wrong. On the other hand, the largest and most reputable forex brokers are regulated by FCA, which provides robust oversight and has strict requirements.

TAGS: uk fca warning xmarkets

Broker	Advantages


	FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.
	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.

Broker	Country	Regulation	Platform	Min Deposit	Review
	US	CFTC, NFA	MT4, Web, in-house	$50	Review Website
	US	NFA, CFTC	MT4	$250	Review Website
	Cyprus, UK, Mauritius	CySec, FCA, FSC	MT4, MT5, Web	$10	Review Website
	Australia	ASIC	MT4, MT5, IRESSTrader	$100	Review Website
	Cyprus, Australia	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
	UK	FCA	MT4, Web, MT4 for Mac	$100	Review Website
	Australia, UK	ASIC, FCA	MT4, MT5, cTrader	$200	Review Website

More Forex Market News

Malta restricts CFD sale to retail clients permanently

Aug 20 2019 16:28:19

The Malta Financial Services Authority (MFSA) adopted permanent rules restricting the marketing, distribution or sale of CFDs to retail clients. Read more

$3,5 bln Bitcoin Ponzi scheme Plus Token pressures the markets

Aug 15 2019 17:42:11

The fraudsters behind the China based Ponzi scheme Plus Token are dumping bitcoins worth over 3.5 billion USD on exchanges around the globe, and that is creating a selling pressure on the markets, venture capitalist Dovey Wan warns. Read more

Spain’s CNMV blacklists EurTrades, Trade100, and Key Markets

Aug 14 2019 13:54:57

The Comision Nacional del Mercado de Valores (CNMV) updated its warning list on Wednesday with several offshore brokers - EurTrades, Trade100, and Key Markets. These entities are not authorized to provide investment services or investment advice in Spain, the CNMV said. Read more

Former binary options broker iTrader to be indicted in Israel

Aug 13 2019 14:07:37

Israel’s state prosecutor announced that it intends to indict the company behind former binary options broker iTrader, its owner and senior officials, on charges of aggravated fraud and providing investment advice without a license. The company Gal Media Trade Ltd. Read more

CySEC warns of fake recovery agents claiming to be its employees

Aug 12 2019 20:32:52

The Cyprus Securities and Exchange Commission warned against fraudsters impersonating its officers who are running a recovery room scam. Read more

Aussie crypto scam worth A$2.7 million busted, five arrested

Aug 08 2019 15:46:37

A criminal group in Gold Coast, Australia were arrested for allegedly scamming over 100 Australians with A$2.7 million in cryptocurrency investment. Read more

EtherDelta investigated for exit scam

Aug 07 2019 12:01:50

Chinese police are reportedly taking legal action against cryptocurrency exchange EtherDelta in connection with an alleged exit scam. The news was actually reported in a series of tweets by the ex-owner and founding partner of the exchange Dovey Wan. Read more

BaFin warns against 4xincome, orders it to cease operations

Aug 06 2019 15:44:28

The German Federal Financial Supervisory Authority (BaFin) blacklisted unregulated forex broker 4xincome and ordered it to cease operation in the country. The regulator said that this broker offers German clients trading in forex and various CFDs thorough its website 4xincome. Read more

Thailand’s AML laws will also apply to crypto exchanges

Aug 05 2019 16:57:59

The Secretary-General of the Thai Anti-Money Laundering Office (AMLO) stated that the existing anti-money laundering (AML) rules in Thailand will be amended as to also cover cryptocurrencies and prevent their use for illicit activities, as reported by local news media BangkokPost. Read more

ASIC warns against Alpha Financial Group, MGM Markets, and Brokerz.com

Aug 02 2019 16:06:03

The Australian Securities and Investment Commission (ASIC) has updated its warning list today with Alpha Financial Group, MGM Markets, Brokerz.com, and several other unregulated brokers. Read more

TOP FOREX BROKERS

BINARY OPTIONS BROKERS

LAST COMMENTED

BROKER LISTS

Broker types

Brokers by platform

Brokers by payment options

Brokers by account types

Brokers by spreads

Signals & Social trading

Brokers by country

Brokers by regulation

Gold, oil, options brokers

Other

CRYPTOCURRENCY EXCHANGES

de | cn | ru