12 September, AtoZForex.com, Lagos – In line with the Cyprus Securities and Exchange Commission’s (CySEC) responsibility to maintain safety of investors in the financial sector, the regulator has published a new warning against another FX broker, ‘Fundsaver Services Ltd’ which operates via the website (www.ubroker.com).
The firm claims to have been formed by a group of traders, investors and technology experts who have combined their skills and knowledge of the highly exciting financial market to build a company of excellence.
UBroker is not a CySEC regulated entity
While the financial watchdog noted that pursuant to Investment Services and Activities and Regulated Markets Law, the firm is not authorized to provide investment services in the region. They also stated that this firm is not regulated by the commission. Further more, they highlighted the following points against the broker:
- It has never been authorized by the Commission.
- Ιt is not a bank or a cooperative firm, established in the Republic and authorised to provide such services.
- No notification has been received by a competent authority of another member State, pursuant to sections 77 and 80 of the above mentioned Law.
Hence, the Cyprus securities and exchange commission has noted that it not advisable to deal with such an institution.
CySEC also warns against MXTrade
Also recently warned by the Cyprus financial watchdog is MXTrade, which operates via https://www.mxtrade.com . The financial regulator noted that pursuant to Investment Services and Activities and Regulated Markets Law, mxtrade is not authorized to provide investment services in the region. They also stated that this firm is not regulated by the commission.
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