Key To Markets Review: Unregulated Broker Risk Alert
Is Key To Markets safe? Revoked regulation, user complaints, and withdrawal issues raise red flags. Read this WikiFX review before you deposit.
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10 Unregulated Forex Brokers Have Been Added To UK FCA Warning List
Abstract：Forex fraudsters often lie about being regulated to win traders' confidence. When trading forex, it is essential to examine the regulators' registries. To safeguard investors' assets, financial authorities such as the UK FCA keep their blacklists updated, exposing fraudsters' claims.
The UK FCA has issued warnings to ten unauthorized forex brokers for engaging in regulated operations in the UK without authorization. The following is a list:
1. ETH Profits
Website: ethprofits.com
2. MARTYN SERVICES LIMITED
Website: www.martyn-services.net
3. Trading Space UK Ltd
Website: https://tradingspace.pro/
4. CRYPTOJET / CRYPTOJET.LTD TRADING LTD
Website: www.cryptojet.ltd
5. Hong Kong Selead Group Limited
Website: https://hkselead.com/
6. Jupiter Holdings
Website: www.jupiterholdingsltd.com
7. M24 MARKETS
Website: www.m24markets.com
8. fxguaranteeoptions
Website: www.fxguaranteeoptions.com
9. equitixincome.com
Website: https://www.equitixincome.com
10. FXEDGE OPTIONS / FXEDGE MARKET
Website: https://fxedgemarket.com/
These businesses are offering financial services or products in the UK without the permission of the UK FCA. That means you won't be covered by the Financial Services Compensation Scheme (FSCS), and you'll be hard-pressed to get your money back if anything goes wrong.
About UK FCA
The Financial Conduct Authority (FCA) is a financial regulatory organization in the United Kingdom that functions independently of the UK government and is funded by financial services sector fees. The Financial Services Act 2012 gained royal assent on December 19, 2012, and went into effect on April 1, 2013. The Act established a new financial services regulatory framework and disbanded the Financial Services Authority. The FCA supervises financial enterprises that provide consumer services and ensures the integrity of the UK's financial markets. It focuses on the regulation of retail and wholesale financial services businesses' behaviour.
How can you prevent joining up with unregulated brokers？
When investing, the first thing you should do is check the licensing of the broker with whom you want to trade. WikiFX is an app that can give you all of the information you need about a broker. When looking for broker information, we often visit many websites, which is not a smart approach and may lead to confusion. WikiFX is a forex trading search engine tool that allows traders to validate the information in a single app. It lists approximately 38,000 regulated and unlicensed brokers. WikiFX has been working side by side with 30 financial authorities to cater to traders' trading concerns and to stop a broker's unlawful actions due to the large number of online fraudsters conducting business in the forex market.
Keep an eye out for additional regulatory updates.
Download the WikiFX app from the App Store or Google Play Store.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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