Bulgarian Regulator FSC Warns Seven Forex Brokers Operating Without an Investment Services License

The Financial Supervision Commission (FSC), Bulgarian Financial Regulator, has announced that seven companies that are not licensed by the FSC

The Financial Supervision Commission (FSC), Bulgarian Financial Regulator, has announced that seven companies that are not licensed by the FSC and not allowed to provide investment services and activities under the Markets in Financial Instruments in Bulgaria, including by electronic platforms for trading financial instruments .

These are:

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  • Teletreyd Bulgaria – Sofia
  • Admiral Markets EooD – Sofia (the educational company, not the forex broker)
  • Instaforeks (InstaForex), Russia
  • Hotforeks (HotForex), Mauritius
  • SitiKepital Ltd. – Sofia
  • Sofia Bulgarian Trading Group
  • Kay Em EFG Capital Investments Ltd. – Sofia.

The Commission provides this information after signals were raised and it identified a number of publications for investment services and activities, including electronic trading platforms and financial instruments of companies that are not licensed, who were providing trading in margin products.

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The Commission shall inform potential investors that investment services and activities may be provided only by companies licensed by the FSC to carry services including acting as an; investment firm, bank, licensed by the BNB and registered by the FSC as investment firms, investment firms from Member States under the freedom to provide services or through a branch in Bulgaria.

The Bulgarian Levs is currently trading at 1.542 against the greenback.

In regards to discretionary trading firms need to have the necessary licenses under the ministry to perform the activities.

Investors should note that the contracting and placement of orders, including the provision of funds for transactions in financial instruments of companies are not licensed by the FSC or by the competent authority of another Member State, potential investors can be deceived and suffered significant financial losses.

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