CySEC Remains Vigilant, Flags Four Unauthorized FX Firms

It might only be Monday, but already, there’s a number of new warnings against potential scams. Today, the Cyprus Securities and Exchange Commission (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 published a new warning on its website, warning against four entities.

Specifically, the Cypriot regulator has warned against four websites, which it states: “do 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.”

The four entities, which are all alleged 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) trading providers, operative via the following websites - lite-options.com, www.jetfore.com, worldwidecapitalfx.com, and bogo-finance.com.

The entity which operates the website lite-options.com claims to be called Lite Options. As per the website, it claims to be a forex and contracts for difference (CFD) trading provider. When looking at the four entities named this Monday, there is a clear similarity between the website of Lite Options and the entity which runs worldwidecapitalfx.com (Algobit Ltd), which is also an alleged forex and trading provider. This is because Lite Options is operated by Algobit Ltd, its website states.

Furthermore, both entities claim to be “regulated” and include a generic award stamp on their page, without mentioning who or where they are regulated in. Regardless to say, as per CySEC’s warning, they’re not regulated in Cyprus and operating illegally within the country.

Furthermore, CySEC has flagged two clone firms through www.jetfore.com, which is falsely claiming to be FXJET and bogo-finance.com which is also fraudulently stating it is Bogofinance Capital Markets LTD. Both FXJET, a CFD and FX broker, and Bogofinance Capital Markets LTD are regulated CySEC firms. However, the two entities which operate through www.jetfore.com and bogo-finance.com are not them. Consumers in Cyprus should be careful of clone firms such as these.

Head the Warning from CySEC

The fact that neither of the four entities has the proper authorization to provide financial services in Cyprus, but are still offering products in the country, is a serious red flag and indicates that the companies are most likely involved in some kind of scam. Plus the fact that www.jetfore.com and bogo-finance.com are claiming to be something they are not is a clear sign that something is amiss.

As a result, it is a good idea to avoid having any contact with these companies, especially if you don’t want to lose any money.