Another FCA Forex broker warning cautions traders and investors against the SLS Trade broker services, as the firm is not authorized by the regulator. Is your broker reliable?
25 October, AtoZForex – Financial Conduct Authority (FCA), the UK’s financial markets regulatory body, yesterday has cautioned the public against the unauthorized financial services firm, namely SLS trade.
FCA Forex broker warning
The UK financial watchdog reports that the UK-based Forex broker SLS Trade “is not authorized by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorization.”
Moreover, the UK regulator found out that SLS Trade has been providing financial services or products without any authorization to do so. The firm under the spotlight is claiming to be located at the following address: Shelton Street, 71-75 Covent Garden, London, WC2H 9JQ and is operating under the mother company named INTER GLOBAL LTD.
In addition, the unregulated firm is operating online via www.slstrade.com and if offering an access to over 200 instruments for trading in Forex, spot metals, futures and shares using various trading platforms such as MetaTrader 4.
On the official website of the broker, it is stated that the firm is not providing services in the certain jurisdictions and has the "complete list of restricted or sanctioned countries." However, after spending a significant amount of time searching for this particular list, AtoZForex did not have any success. In addition, AtoZForex has reached out to the officials from SLS Trade in order to get extra insights into the case, and is currently waiting for the response.
The note from the regulator
Reportedly, SLS Trade is trying to attract the investors that are new to the market and are still not aware of the regulatory element’s importance. However, FCA reminds to all of the Forex market participants:
“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us. However, some firms act without our authorisation and some knowingly run investment scams.”
Moreover, the UK regulator advises Investors to check the credibility of the broker via Financial Services Register. In case the investors trade with unauthorized brokers and lose the funds, they will not be repaid by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS).
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