Is City FX Broker scam or reliable? The FCA has warned against this firm in another tireless effort to crack down on unregulated brokerages.
January 21, 2021 | AtoZ Markets – British regulator, the Financial Conduct Authority (FCA) has continued its ongoing efforts to warn the general public against fraudulent and unauthorized entities. Particularly, the UK watchdog today warned against an online brokerage City FX Broker.
FCA warns against City FX Broker
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.
City FX Broker is not based in the UK, but it is targeting British investors by offering them FX trading services. However, according to the warning, the broker is doing so without having the required authorization. The following details were provided about the suspicious firm:
Address: Suite 305 Griffith Corporate Centre, PO Box 1510, Beachmont Kingstown, St Vincent, and the Grenadines
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 Budsfx 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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