The United Kingdom financial markets watchdog, the Financial Conduct Authority (FCA), today put out a warning against the online brokerage Explore Markets Ltd., aka Explore Corp Limited, and its additional alias EM Financial Services Limited, citing its website exploremarkets.com, and warning UK investors that the firm is not authorised to provide services in the UK.
A visit to the brokers website reveals that the company has a UK entity with a company house registration number, along with an entity that is registered in St. Vincent and the Grenadines, and depicts a MetaTrader4 (MT4) offering.
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One of the things that seems to make this broker look like a scam is that on its website under the section where it says ‘your trusted broker’ the company says that it is FCA registered and provides investors with compensation under the UK’s FSCS scheme. That is false – the FCA confirmed today that the firm lacks such authorisation and related benefits that only duly registered firms are entitled to.
The FCA warned that the company is targeting investors in the UK, and provided that the misinformation on the Explore Markets website highlights a potential scam, international investors should be just as wary investing with a company that makes such false claims as it can be a hint of such danger.