FCA Warns Against Unregistered FX Broker StoxMarkets

The UK’s financial industry watchdog, the Financial Conduct Authority (FCA), issued a circular on Tuesday warning potential investors against StoxMarkets, which also conducts its business using other names such as Marketier Holdings. The FCA states that the company was offering financial services and products to clients in the UK without proper authorization from the regulator.

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The FCA said that the company's address is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, which is home to many unregulated brokers. The company also maintains a presence in other jurisdictions and solicits clients using its website www.stoxmarket.com.

All businesses and individuals that offer, promote or sell financial products or services in the UK must be authorized by the FCA.

The FCA urged customers to avoid engaging in transactions with the company, or any other unregulated company for that matter, and requested that clients report any firms suspected of conducting business in Britain without proper authorization.

A brief review of the StoxMarkets website reveals that it offers investment services on a wide range of financial instruments, ranging from Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, to asset management solutions. ‎

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