Is Investteck Scam or Reliable? The British regulator FCA claims that Investteck isn’t authorized to provide financial services in the United Kingdom.
October 25, 2019, | AtoZ Markets – Britain’s financial regulator has continued its ongoing efforts to warn the general public against fraudulent and unauthorized entities. The City watchdog today warned against a provider of online trading products called Investteck.
Is Investteck Scam or Reliable? FCA Investteck warning
Today’s announcement is the latest in the FCA’s series of warnings about unregulated firms posing as legitimate, approved businesses to con British consumers into making payments for investment services.
Investteck is targeting UK investors offering a full range of offshore investment services, including FX trading services, but the City watchdog stressed the firm is not authorized to do business in the UK.
“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams. This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
The FCA provides the following URLs as belonging to the entity – www.investteck.net and www.investteck.com. Moreover, the company has two addresses, one in Estonia and one in Dublin, Ireland.
Looking at the website, Investteck claims to be an online trading provider for forex, stocks, indices, and commodities. The company also claims to facilitate zero-commission trading through its platform.
Apart from FCA Investteck warning, Britain’s Financial Conduct Authority, or FCA, keeps a closer eye on firms that are considered threat to investors in the foreign exchange (forex) and cryptocurrency spaces.
FCA still concerned about crypto
Most recently, the FCA has also warned investors are turning to cryptocurrencies to “get rich quick” despite not understanding what they are purchasing. Many of those interviewed perceived crypto assets as a shortcut to easy money and wealth while they overestimated their knowledge of virtual asset class.
For example, many crypto enthusiasts said they wish to buy a whole Bitcoin, not realizing they could buy just part of one.
Earlier in January, the UK watchdog also highlighted its concerns over financial promotions that falsely implied that all of a firm’s activities were regulated by the FCA or other regulators, when in fact they were not.
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