The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today warned that it believes a UK-based company under the name ‘Trade-24’ has been providing financial services or products without regulatory permission, according to an FCA statement.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
The address details of the suspicious company are: Tower 42, 25 Old Broad Street, EC2N 1HN; 1st Floor, 2 Woodberry Grove, Finchley, London, N12 0DR, and it can be found under the web address www.trade-24.com.
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A brief review of the broker’s website reveals that Trade-24 claims to offer ECN access to the forex market using various trading platforms such as MetaTrader 4, SIRIX and Signal Trader. In the ‘About Us’ section it makes reference to global offices in London, Paris and Zurich. However, the company didn’t claim any specific regulatory status in these jurisdictions.
Based on this, the watchdog stated in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are. 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.”
Earlier this week, Finance Magnates reported on the British watchdog when an FCA executive told the FT that they are considering the approval of a “small but significant number of firms” that use blockchain technology within the fintech industry.