Is 10Markets.com scam or reliable regulated Forex broker? The UK financial regulator FCA blacklisted today the Forex broker. Why did the FCA make this decision?
23 March, AtoZForex – All firms and brokers need to get authorization from the UK Financial Conduct Authority (FCA) in order to provide financial services and products in the UK. Failing to do so can lead them to fall under the blacklist and ultimately receive a warning for the same.
Accordingly, the UK watchdog has added a Forex broker 10Markets.com to its warning list. As per the regulator statement, 10Markets.com does not have the FCA authorization to offer, promote, or sell financial services or products.
Is 10Markets.com scam or reliable regulated Forex broker?
Despite, the Forex broker is lacking the mandatory FCA license to do so. The UK watchdog has noticed that 10Markets.com has been offering trading services in Forex and CFDs in the UK. Hence, the FCA issues a warning against Forex broker 10Markets.com.
The Forex broker 10Markets.com is a brand name of Badale Invest Limited. The company mentions its address as Suite 110, 12 South Bridge, Edinburgh EH1 1DD Scotland, UK. They provide an online trading platform via https://10markets.com. The website of 10Markets.com claims that the broker holds over the Vanuatu Financial Services Commission (VFSC) license. All in all, the FCA advises UK investors against committing funds with this broker. Hence, the FCA has shared the other contact information of 10Markets.com, in order to warn the public against 10Markets.com:
Tel: +44 208 068 0001; +44 203 6701520; +44 208068002; and +44 2036701521
Previous warning against 10Markets.com
The UK watchdog is not the first to blacklist the Forex broker. Last year in December, the Cyprus financial regulator CySEC listed 10Markets.com as an unauthorized Forex domain. The Forex broker posses over a VFSC license, but this is not sufficient to offer financial services or products in the UK nor Europe.
Hence, the UK regulator reiterate again that investors should only deal with the regulated financial firms. They further stress that the investors dealing with unauthorized firms are putting their funds at higher risk. Here at AtoZForex.com, we value the same standards and even take it a step further by testing the brokers on compliance, T&Cs, withdrawal process and more. You can find the tested brokers in our Directory of reliable Forex brokers.
What do you think, is 10Markets.com scam or reliable regulated Forex broker? Let us know in the comments section below.