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Unregulated brokerages Gold FX Trading and Brokerz end up on FCA’s warning list

Mar 01 2019
By
Jonathan Smith

 

The Financial Conduct Authority in the UK recently added Gold FX Trading and Brokerz to its warning list of unregulated brokers. According to the regulator, they have been providing financial services or products in the UK without its authorization.

 

More specifically, the FCA exposes GoldFxTrading as a clone. The broker claims to be regulated by the UK financial watchdog, but actually uses the name and the registration number of a company it has nothing to do with. Besides, the said company, GFT Global Markets UK Limited, is no longer authorized by the FCA. The reason for this is that the firm’s real website (www.gftuk.com) was apparently acquired by major forex broker Gain Capital (operating the Forex.com brokerage brand).

 

Furthermore, Gold FX Trading seems related to Time4X (the former uses the latter’s MetaTrader4 platform), which is blacklisted by both the Italian CONSOB and the Estonian Finantsinspektsioon.

 

As regards Brokerz, a look at the comments on our review would be enough to confirm our initial suspicion that this broker is a fraudster.  All the more so, considering that it is also blacklisted by the Austrian Financial Market Authority (FMA).

 

The FCA strongly advises UK investors to only deal with financial firms that are licensed by them, and check the Financial Service Register to ensure they are. Brokers authorized by the FCA have to meet stringent requirements and are subject to tight oversight. Those who fail to meet those standards and requirements, are subjected to salty fines.

 

TAGS: FCA  Gold FX Trading  Brokerz  warning  UK  scam 

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