UK FCA Adds Another FX Broker to Warning List
- The FCA pointed out that CFD Stocks is based out of an undisclosed jurisdiction.
The United Kingdom’s Financial Conduct Authority (FCA) on Wednesday shed light on an FX firm representing itself as CFD Stocks, warning that the unregulated firm has no association whatsoever with any FCA-licensed entity and is operating without authorization.
The watchdog added that the company was flagged for offering a variety of currency trading services and targeting UK citizens without a license.
The FCA pointed out that CFD Stocks is based out of an undisclosed jurisdiction while soliciting its clients using the website https://www.cfdstocks.com.
Growing blacklist
The denouncements follow a suite of similar blacklistings over the last few months. Under the guidelines, companies offering to trade in derivatives to UK investors require licensing and oversight from the FCA.
Accordingly, the regulatory body has been cracking down on unregulated and unauthorized firms, surveying the trading environment to ensure such firms are not soliciting or marketing products to its residents.
The FCA’s alerts, however, are provided as an early warning service to investors, but not as a substitute for clients doing their due diligence on the entity in question.
The FCA has waged war on unregistered Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term firms and clone companies, and the number of brokers on its blacklist continues to grow. Last month, the British regulator highlighted another one, called Gainmax Capital – a 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 firm that has been falsely claiming registration.
The United Kingdom’s Financial Conduct Authority (FCA) on Wednesday shed light on an FX firm representing itself as CFD Stocks, warning that the unregulated firm has no association whatsoever with any FCA-licensed entity and is operating without authorization.
The watchdog added that the company was flagged for offering a variety of currency trading services and targeting UK citizens without a license.
The FCA pointed out that CFD Stocks is based out of an undisclosed jurisdiction while soliciting its clients using the website https://www.cfdstocks.com.
Growing blacklist
The denouncements follow a suite of similar blacklistings over the last few months. Under the guidelines, companies offering to trade in derivatives to UK investors require licensing and oversight from the FCA.
Accordingly, the regulatory body has been cracking down on unregulated and unauthorized firms, surveying the trading environment to ensure such firms are not soliciting or marketing products to its residents.
The FCA’s alerts, however, are provided as an early warning service to investors, but not as a substitute for clients doing their due diligence on the entity in question.
The FCA has waged war on unregistered Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term firms and clone companies, and the number of brokers on its blacklist continues to grow. Last month, the British regulator highlighted another one, called Gainmax Capital – a 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 firm that has been falsely claiming registration.