The UK financial regulator issued an alert against Forex and CFDs broker TraderVC. Is TraderVC scam or reliable? Let's find out.
5 July, AtoZForex – The UK financial regulator, Financial Conduct Authority (FCA) has issued a warning for investors. In its latest warning, the UK watchdog states that the Forex and CFDs brokerage TraderVC has no authority to operate in the country.
Is TraderVC scam or reliable?
The UK financial regulator has stated that the TraderVC possesses no license to legally operate in the country. However, the FCA believes that this Forex and CFDs brokerage was soliciting to the UK residents without authorisation to do so. The official warning from the UK supervisor states:
‘We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorized firm and how to protect yourself from scammers.’
In addition, the regulator has shared the details of the firm:
Address: 35-37 Ludgate Hill, London, EC4M 7JN, UK
49 Patriarch Evtimii blvd, Prestige Business Center, 1463 Sofia, Bulgaria
Telephone: 02080683537, +6498011477, +27511110011, +85230183477, +6531575770, +46476700818, +4721403395, +4578730529
A visit to the official website of TraderVC reveals that the firm is offering investments services. The broker is providing an opportunity to trade Forex and CFDs.
How to protect yourself from the financial scam?
The FCA reminds that almost all firms and individuals that aim to offer, promote or sell financial services in the UK should have the license from the regulator. Yet, some of the companies choose to carry out business without the authorisation from officials. Moreover, the FCA states that some of the firms in the UK knowingly run investment scams.
The regulator notes the TraderVC has no authority from the regulator and is targeting investors in the UK. Therefore, the watchdog highlights that it believes that the firm is carrying on activities that require authorisation.
The FCA strongly advises to ONLY deal with financial firms that possess authority from the regulator. In order to check the presence of the trading license of the particular firm, you can visit the Financial Services Register. Specifically, this source provides information on firms and individuals that are, or have been, regulated by the FCA.
Also, the regulator highlights that in case you decide to deal with the firm with no regulation, you will not have the protection by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
Think we missed something? Let us know in the comments section.