By and large, firms that end up on the Financial Conduct Authority’s warning list are brokers based in famous financial hubs such as Vanuatu and the Marshall Islands.
But on this fine Tuesday afternoon, one forex educational company ended up on the British regulator’s database of potential scams.
Bucketlist Traders is a firm that provides educational courses for currency trading.
Based in Manchester, the company sells those courses, along with workshops and trading signals to retail traders.
The company is allegedly led by a man named Rana Khan who resembles the love-child of Rocky and Robert Downy Junior’s character from Tropic Thunder.
A quick check of Bucketlist’s Companies House page, however, indicates that the owner of the firm is a man named Asif Hussain.
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Mr. Hussain appears to live in a rather rundown part of Huddersfield. There is, of course, nothing wrong with living in a rundown part of Huddersfield but, when you are a successful forex trader like he is, you would think he could a bit better.
Snobbery aside, Bucketlist is not necessarily doing anything illegal.
As Finance Magnates reported earlier this year, FX educational courses – often of an extremely dubious nature – have sprouted up across the UK.
In many instances, these firms offer extremely basic introductory courses for a huge fee. They then try to upsell more courses for an even heftier fee.
On top of this, they’ll sell trading signals which are usually rubbish. They also often act as affiliate marketers for brokers, taking a commission of any sales a company makes through traders that they introduce to them.
In effect, Bucketlist is very likely to be the educational equivalent of a bucket shop. The firm likely adds little to no value to its clients and still charges them a huge fee for their services.
So reader, if you are thinking of heading down to one of the company’s courses in Manchester, stay away.