FCA Continues Crackdown on Suspected Scams, Flags Two FX Firms

This Friday morning the Financial Conduct Authority (FCA) has warned against not one, but two entities within the foreign exchange (forex) space which the British regulator has deemed as suspicious - AlgoTradingSoft Broker Limited and Tradepro Capitals Limited.

According to both of the warnings on the regulator’s website, it believes that both firms are providing financial services or products in the United Kingdom without its authorization. As a result, the agency has warned residents to be wary of the two entities.

AlgoTradingSoft Broker Limited, which also goes by its trading name of AlgoTradingSoft Global, operates via the website https://algotradingsoft.com. Following this link, the entity presents itself as a provider of 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.

On the website, the entity also claims to be authorized and regulated by the FCA, quoting Firm Reference Number 201432. However, today’s warning from the British watchdog disqualifies this claim.

In addition, when searching this reference number through the FCA’s Financial Services Register, the number in fact used to belong to Archers Estate Agents which is no longer registered as an Appointed Representative.

FCA Flags Tradepro Capitals Limited

The second entity that was flagged by the FCA is Tradepro Capitals Limited, which also goes by the name of Tradepro Capital Markets Limited. According to the warning, it has been targeting UK residents without the proper authority, the warning states.

Via its website www.tradeprocapitals.com, the entity claims that: “Tradepro Capitals is a London based ECN (Electronic Communications Network) FX and spread-betting broker created by traders to improve your trading experience.”

The alleged broker also states that it is incorporated in St. Vincent & the Grenadines as an International Business Company with the registration number 34452 IBC 2018.

Because of the warnings from the FCA, it is wise to avoid dealing with AlgoTradingSoft Broker Limited and Tradepro Capitals Limited. Before investing with any company, regardless of whether they claim to be regulated or not, it is a good idea to check with your local regulator to see if they are in fact licensed.