Austria’s FMA Flags Unauthorised FX Entity Universe Markets

The Austrian Financial Market Authority (FMA) has published a new warning on its website against an entity, which it states is operating within the country without the proper authority - Universe Markets, also known as WhiteSquare Trading Ltd.

Specifically, the regulator says that Universe Markets: “is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to conduct deposit-taking business…”

The FMA provides the following details to consumers so that they can avoid dealing with this firm:

Name: Universe Markets / WhiteSquare Trading Ltd

Address: 131-151 Great Titchfield Street London W1W 5BB, United Kingdom

Website: www.universe-markets.com

Email: support@universe-markets.com

Phone: +43-13469999044

Via the company’s website, the entity claims that: “universemarkets is today’s leading CFD Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. As CFD trading has become more popular than ever, universemarkets provides traders with an excellent trader experience in terms of security, features, user-friendliness, tools, and education.”

“universemarkets and collaborators consist of professional forex brokers, experts in derivatives and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, and payment processors. We cover every aspect of CFD trading, so that you have the best trader experience. Ever.”

FX and crypto scams are on the rise

Scams within the financial industry, particularly in the foreign exchange (forex) and crypto sector, are on the rise. As Finance Magnates reported, earlier this year, the Financial Conduct Authority (FCA) revealed that Brits lost approximately £27 million ($33.6 million) to FX and cryptocurrency-related scams in the 2018/2019 fiscal year.

According to the British regulator, authorities received 1,834 scam reports last year. That was almost a four-fold increase on the prior twelve-month period.

This can also be seen on the amount of time and space we here at Finance Magnates dedicate to reporting on these scams, as they continue to be a growing threat in the FX and crypto space.