Details of the SFC warning against FX Protrade
Relating back to the SFC Warning against FX Protrade. The broker claims on their website that it is “licensed as a financial brokerage in the EU, and are obliged to the regulations of the Cyprus Securities and Stock Exchange, and has the adoption of the Financial Services Authority and the Bank of France and Federal financial control.”
However, according to the Cyprus Securities and Exchange Commission (CySEC), FX Protrade is not listed at all. Therefore, it is only evident that the SFC Warning Against FX Protrade was issued. In order to inform the public about the case in detail, the Hong Kong regulator did not only issued the warning, the SFC has also disclosed the details of the broker:
Name:FX ProtradeAddress:17 St. Peters Square, Fleetwood, Lancashire, United Kingdom FY7 6EBWebsite:www.fxprotrade.comPhone+ 44 20 360 80 219Email:support@fxprotrade.com
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5Markets Limited relation to the case
The SFC warning against FX Protrade is not the only alert by the regulator. Considering that related to this case is the financial firm 5Markets Limited. The investigation of the SFC reveals that both companies are related to each other, considering that bot firms “use a Hong Kong bank account in the name of Markets Technologies Limited for settlement.” Moreover, the Hong Kong regulator discovered that 5Markets Limited is also lacking the proper licenses to solicit investors in the region.
Reduce the risks of being scammed and cooperate only with authorized financial firms. Not only will you be able to receive the support of the local regulator, but also eligible for a compensation scheme, like the Investor Compensation Fund (ICF). Yet, to protect yourself from the very beginning visit the AtoZ Markets directory and go through the brokerage firms which passed our monthly tests on safety, reliability, service and more.
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