FCA UK Warns against Forex broker Trade WFX, adding that the company attempts to mislead investors by presenting a fake license on its website. What do we know about this firm?
11 July, AtoZ Markets – The financial regulatory body of the UK markets, the Financial Conduct Authority (FCA) has issued a warning on its website for investors. The organization has stated that the entity that calls itself Trade WFX is falsely claiming the authorization with the regulator.
FCA UK Warns Against Forex broker Trade WFX
It is also known that Trade WFX has been targeting the UK investors, offering them a full range of offshore investment services. This includes Forex trading services, as per the FCA’s announcement. However, the company has faked its registration number, as it has no authority to do business in the UK, according to the UK City watchdog.
Following on this, the UK FCA has stated that many of such firms are acting in capacity that would require them to have a valid registration with the FCA. The registration enables the agency to offer better security and oversight of the financial markets by analyzing whether firms are eligible to deal in financial instruments.
Usually, the UK watchdog examines the minimum financial standards as well as disclosure, reporting, and recordkeeping requirements. The official statement from the FCA reads:
‘Some firms act without our authorisation and some knowingly run investment scams.”
The regulator has urged investors that have been contacted by Trade WFX to contact FCA’s consumer helpline on 0800 111 6768.
Earlier this June, the FCA has updated its warning list, adding a new name of some unregulated entity. That time, the watchdog has turned its attention to the cryptocurrency market. The name of the firm under the spotlight is Cryptorobot365.
According to the UK regulator, this entity facilitates trading in cryptocurrencies in the UK without any valid authorization to do so. Since it lacks the necessary regulation, the firm is not allowed to provide any investment services or carry out any such activities in the country.
The Financial Conduct Authority has made it clear that the company does not possess any required authorization and, therefore, cannot promote its advertised products in the UK.
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