November 12, 2020 | AtoZ Markets – UK’s financial regulator has continued its ongoing efforts to warn the general public against fraudulent and unauthorized entities. Particularly, the City watchdog today warned against an online trading platform Budsfx.
"BudsFX is a top-tier provider of Contracts for Difference (CFDs). You can trade on the FX, with commodities, indices, and shares – all of that with the help of industry experts and trustworthy advisors," the broker claims.
FCA warns against Budsfx
Today’s announcement is the latest in the FCA’s series of warnings about unregulated firms posing as legitimate, approved businesses to con UK consumers into making payments for investment services.
Based in Switzerland, Budsfx is targeting UK investors offering FX trading services. However, according to the warning, the company is doing so without having the required authorization. The following details were provided about the suspicious firm:
Address: Max-Högger-Strasse 81, 8048 Zürich, Switzerland
So you need to be wary
Unauthorized FX brokers are becoming common in the industry, as fraudsters have grown increasingly resourceful in recent years. A commonly adopted tactic is for scammers to advertise an illegal operation as a reputable brand or entity. They do this in order to dupe unsuspecting investors into parting with their personal details or cash.
For example, an FX broker called So FX was also blacklisted by the UK’s watchdog after the company claimed that it operated with an FCA license. The regulator, however, clarified that the company does not have any valid license to provide investment services in the country.
Echoing previous warnings, the FCA ignores that unauthorized brokers continue to promote unregulated investments, taking money from the general public, and the regulator is powerless to do anything.
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