Is MDX 500 scam or reliable? The FCA has warned against this firm in another tireless effort to crack down on unregulated brokerages.
December 7, 2020, | 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 City watchdog today warned against MDX 500, a Forex, and contracts for difference (CFD) broker.
“MDX500 offers 24-hour access to a wide range of trading instruments including currencies trading in Forex, commodities, shares, indices, and Cryptocurrencies” the broker claims.
FCA warns Britons against MDX 500
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.
MDX 500, which is based in Zürich, Switzerland, 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: Swissmill Tower Sihlquai 306, 8005 Zürich, Switzerland
Email Address: firstname.lastname@example.org
Phone number: 41449747070
Be wary of unauthorized Forex brokers
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 4TFX 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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