FCA Rhodium Forex broker warning: Russian website targets UK traders?

Are you trading with the Forex broker Rhodium Forex / WR Trade? Today, the FCA has blacklisted the broker. Find below the details of the FCA Rhodium Forex broker warning.

1 December, AtoZForex – The Financial Conduct Authority (FCA), which is UK’s financial regulatory entity, has issued a warning today against another unauthorised financial service provider. The local watchdog reiterated that all financial providers in the UK have to be registered and FCA licensed. Before, the broker can offer any financial services, like the trading of Forex or CFDs.

FCA Rhodium Forex broker warning

In the FCA Rhodium Forex broker warning, mentioned that the company has been offering services without having a license. Moreover, the FCA states the company is providing services in the UK without FCA’s permission. Meanwhile, Rhodium Forex offers its clients the trading of Forex, CFDs and commodities through the MT4 platform.

Additionally, the online broker Rhodium Forex is appearing to aim its services to the Russian market. Considering that the website is only in Russian, while it is not possible to change the language to English or any other languages. The firm operates from the website rhodium-forex.com. The company listed its contact details as WR Trade Ltd, 1 Hornsey St, London, UK, 0203 514 5898.

Furthermore, Rhodium Forex’s website is vague and lacks transparency. Also, the broker is not FCA authorized nor licensed by any other financial regulator.  The FCA suggests that the firm may be a scam.

What FCA advice investors to do?

FCA advises investors to protect themselves by not dealing with any financial firms that have no authorisation. Also, the regulator advises investors to always double check if a broker is licensed, before committing any funds. Moreover, the FCA advises investors to report any unauthorized firms. Or if you have received a suspicious call from a broker. Any reports should be through their Consumer Helpline.

Additionally, FCA stated that investors who already bought or sold shares should use a form to report which is available on FCA’s website. FCA mentions that most of the financial providers in the UK have the authority to do so from the FCA.

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