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Fake Forex Brokers List in the UK
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Fake Forex Brokers List in the UK
The UK became one of the first countries to regulate brokers and control their relationships with traders. Owning a license issued by the local FCA regulator is considered very prestigious, and many financial institutions seek to obtain it. A client who opens an account with a broker registered and licensed in the UK can be sure that the company will faithfully comply with the requirements of international legislation and will be liable in case of violation of agreements.To get more news about blacklist of forex scam brokers, you can visit wikifx.com official website.
From this material, you will find out how to distinguish a reliable financial partner from a typical scammer and what advantages FCA protection gives to traders. The Traders Union will also present the Fake Forex Brokers List in the UK and tell you how you can quickly identify a scam.
Forex trading is completely legal in the UK. The basic law is the Financial Services Act 2012, according to which all clients of brokers with a local license are protected from losses of up to 50,000 GBP (the FSCS compensation fund is in force).
The main regulator that monitors the activities of brokers in the United Kingdom is the FCA (initially called the FSA). It has been operating since 2013 and guarantees the legal protection of traders. This body ensures an audit of brokers' activities and investigates complaints from their clients. The regulator cares about the financial security of users and also strives to maximize the integrity of the UK financial system.Forex is a highly liquid market, and transactions worth trillions of dollars are carried out there every day. You can earn money, but for this, you need to have adequate knowledge and practical experience, plus choose the right broker that will meet the FCA standards.
Fake brokers are well aware that having a British registration and FCA license is highly respected. That is why many such companies falsely indicate the presence of such a permit on their platforms. Moreover, they steal other people's banking details from the open register of legal entities of the Companies House and pass them off as their own. The scammers hope that novice traders will not go into legal details and verify the information.The Traders Union will tell you about the main signs of a scam that its experts detected in these companies. Be careful; don't fall for the empty promises of financial scammers!Lucror Capital Markets LP is a brokerage company registered in New Zealand. This company promises profitable cooperation with both institutional clients and retail traders. However, real users in their reviews note that this company has major non-compliance issues with both trading and payment discipline. It pursues exclusively its own interests and does not care about the comfort and safety of trading.
Zenfinex was founded in 2017, and initially, the company received an FCA license. The broker promises comfortable trading in currency pairs, indices, commodities, and spot metals. The financial partner has a universal MT4 terminal, a demo account with 10,000 virtual dollars, and a bunch of "goodies". However, all promises remain unfulfilled. It is because of numerous complaints that this company was blacklisted by the British regulator, and its license was revoked.
Europa Trade Capital is an offshore broker registered in Saint Vincent and the Grenadines. The brand is managed by FD Trade Llc. The company claims to have been successfully providing services for 20 years. At the same time, it has not yet taken care of regulation. The FCA blacklisted this broker because numerous complaints were received against it and because of non-compliance with trading and payment discipline. There are several tariff plans, and access to margin trading with a leverage of up to 1:500. The minimum losses in the project are $10,000.
On the Brown Finance platform, it is stated that the brand is managed by Old Mutual Funds and Wellness Management. The broker promises a wide range of tools for increasing capital such as transactions with stocks, digital currencies, etc. According to its false claims, this brokerage company is the leader of the FinTech revolution. However, the company neglects to get a license. Moreover, the FCA has already included Brown Finance in its blacklist of brokers and warned the public about the dangers of cooperation with it.