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Is Prime FX scam or reliable? UK FCA Prime FX warning

Is Prime FX scam or reliable? UK FCA Prime FX warning

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The UK financial watchdog has issued a warning against Prime FX. The FCA believes that the firm has been operating illegally. Is Prime FX scam or reliable?

AtoZ Markets - The UK financial markets regulator, the Financial Conduct Authority (FCA), has warned public against an unauthorized entity. This time, the company that will appear in the alert list of the FCA is Prime FX Ltd.

Is Prime FX scam or reliable? 

The UK financial watchdog has warned investors’ community against dealing with an unregulated financial firm. Prime FX Ltd is the latest addition to the list of FCA warnings. The regulator states that the firm has been providing financial services or products to the UK residents without any authorization to do so.

As a fact, almost all the firms and individuals that are offering, selling or advertising financial services across the UK have to have a license from the FCA.

Prime FX Ltd. claims to have the following address: 272 Bath Street, Glasgow, G2 4JR. The firm was operating online via the web address https://www.pfxbank.com/. Moreover, Prime FX Ltd. does not have its name listed in the UK’s Financial Services Register, according to the FCA.

What do we know about Prime FX Ltd?

When the UK regulator has issued a warning, the fraudulent firm’s website appeared not operational. It is unclear whether the warning from the watchdog led to the shutdown of the website.

Yet, a cached version of Prime FX Ltd. website shows that the firm had been operating as a CFDs brokerage. It was offering a wide portfolio of diverse products. These include Forex and Binary Options platforms. However, the firm did not state any specific regulation on their website. As per the information displayed on the website, DGX Systems Ltd. is the owner of the brand. Also, it was operating from the Commonwealth of Dominica.

The firm also states on the website that the PFXBank operated globally. The exception is the European Economic Area and more specifically it does not accept clients from Italy. The UK regulator has cautioned the public against dealing with this broker. The FCA has stated:

“You should be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”

Moreover, the watchdog stressed that investors check the reliability of the broker before doing any business with it. Investors can visit Financial Services Register to ensure the presence of the trading license of the broker.

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