CySEC Adds FX Broker ECN Capital to its Warning List

The Cyprus Securities and Exchange Commision (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has made a new announcement on its warning list. This time it is against ECN Capital Ltd, with the securities regulator warning that it is not an authorized entity.

Specifically, CySEC has warned that the website www.ecncapital.com “does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017.”

Taking a look at its website, ECN Capital claims to be a social trading foreign exchange (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) brokerage. According to its website, the company was established in 2011 by two Swiss capital market experts with a combined 15 years worth of investment experience.

On its website, ECN Capital claims to be associated with Moslok Ltd, with its registered office at Spyros Kyprianou Street, 4004, Limassol, Cyprus. You can see the original warning from CySEC here.

Another day, another scam

Financial regulators often warn consumers about companies that are acting without a license, are conducting a scam, or entities that are illegally using the details of a regulated firm to trick people into parting with hard earned cash.

These scams are not uncommon in the financial industry, unfortunately as technology grows, fraudsters are getting more and more cunning. Only yesterday, Finance Magnates reported that the Financial Conduct Authority has flagged World Techno Trade, a clone firm of True Trade Limited.

On Monday, the Australian Securities and Investments Commission (ASIC) added a whopping ten warnings onto its website against forex and cryptocurrency brokers as well as other types of investment firms.

Because of this CySEC urges residents of Cyprus to consult the warning section of its website before conducting business with investment firms. This is so you can check which entities are licensed and legitimate and which have been flagged by the regulator as suspicious and avoid.