The FCA Has Flagged These Brokers—Is Your Broker on This List?
The Financial Conduct Authority (FCA) has warned the public about the following brokers. The FCA is one of the most stringent and trusted financial regulators in the world. Any financial service in the UK, whether it’s a bank, an insurance company, or a broker, must have an FCA license. That is why any warning from the FCA deserves serious attention.
ReportScamOnline experts aggregate warnings from the world’s top regulators and create fraud broker reviews as a service to the public. Researching brokers is an essential step to keeping your money safe while trading. We recommend you consult our regularly updated reviews to ensure your money is in good hands with a reliable broker.
What Is the FCA and What Does It Do?
The Financial Conduct Authority is an independent organization that is responsible for regulating financial markets in the UK. It ensures that all financial organizations abide by rules and regulations. In addition, the FCA issues licenses to financial institutions that adhere to certain standards and regularly audits these licensees. If an institution fails to report properly or comply with rules, the FCA will take disciplinary action, such as revoking licenses.
In addition, the FCA will issue warnings about suspected scam brokers. When the FCA has noticed a broker that is offering financial services to British consumers or when they have received numerous complaints about a broker, they will investigate the issue and issue a warning. It is essential to be aware of these alerts and to avoid brokers that end up on this list.
Why Is the FCA Warning the Public About These Brokers?
Many of the brokers who are flagged by the FCA either don’t have a license or don’t have sufficient licensing. They may have a third-rate license with a regulator that provides no oversight. The broker may be signing up British customers although they have no authorization to manage their money. Others could have a suspended license or may be faking their licensing.
The misleading information category can be broad. It can range from highly promotional language and touting itself as a world-class broker, even though they are barely known. This may not seem serious, but it can be an indication of a much more serious problem. It can also lead to misleading information about fees, guaranteed returns and other important issues.
Lack of Transparency
If you open an account with a broker, you need to know who you are dealing with. A broker’s website with no names or credentials is a red flag. No legitimate broker would be so mysterious about who is running the operation.
Offering high leverage, guaranteeing returns, claiming to levy no fees and hit customers with charges later are examples of questionable activities that cause a broker to wind up on this list.
Dodgy brokers may tell customers that they can’t access their account because of technical problems. However, if these problems occur constantly, if the broker doesn’t allow withdrawals or other access to account, that’s a sign that this isn’t a legitimate broker.
When customers file complaints with brokers to the FCA, the regulator will investigate these complaints to find a basis for them. If many complaints have been verified, the FCA will issue a warning about the broker. Most of the brokers on this list have serious problems and numerous complaints.
Have You Lost Money to Any of These Brokers? Talk to Us!
ReportScamOnline experts understand brokers–reliable ones and scam operations. We have researched brokers and have created these reviews to help consumers make the right choice for trading. We recommend that you avoid the scam brokers mentioned here and instead find a reliable and licensed broker. If you have lost money to this broker, contact us and we will launch an investigation that will bolster your claim.
If you have an account with CryptoFxGoal (cryptofxgoal.com) or have considered trading with them, we urge you to think again. The FCA has issued a warning
If you have an account with VergeFX Markets Limited (vergefxmarkets.com) or have considered trading with them, we urge you to think again. The FCA has issued
If you have an account with Invest Crypto Experts (investcryptoexperts.com) or have considered trading with them, we urge you to think again. The FCA has issued
If you have an account with Fxbits Markets (fxbitsmarkets.com) or have considered trading with them, we urge you to think again. The FCA has issued a
If you have an account with Cryptofxtradmax (cryptofxtrademax.com) or have considered trading with them, we urge you to think again. The FCA has issued a warning
If you have an account with Elitecryptofx (elitecryptofx.com) or have considered trading with them, we urge you to think again. The FCA has issued a warning