Rhodium Forex Flagged by UK’s FCA as Unlicenced Broker
- The FCA has warned investors against using the services of another unregulated financial services firm.
The Financial Conduct Authority (FCA), the United Kingdom’s financial regulatory body, has issued a warning against another fraudulent entity, exposing yet another firm that has been soliciting its services without a licence.
On this occasion, the firm under the spotlight is Rhodium 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 which is aimed at the Russian market and operates a website at www.rhodium-forex.com. The firm, which has listed its contact details as WR Trade Ltd, 1 Hornsey St, London, UK, has, according to an FCA statement, been providing financial services in the UK without its permission.
On further observation, Rhodium Forex's website was also found to be vague, lacking in transparency and as well as not being FCA-authorised, did not appear to be under the jurisdiction of any other global regulator, suggesting that the firm may be a scam.
The latest warning follows today’s earlier warning on Algo Capitals, a clone of an FCA registered firm, as reported by Finance Magnates, and adds to the growing list of unregulated firms that have come under the scrutiny of the watchdog in recent times.
FCA Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term
Most firms and individuals offering, promoting or selling financial services or products in the UK are required to be authorised by the FCA. In this case, Rhodium Forex was caught out targeting people in the UK without having the authorisation to do so.
The FCA has therefore issued a warning against using the services of this firm and has further advised investors to only deal with licenced financial firms which can be checked against the Financial Services Register containing information on firms that are regulated by them.
The Financial Conduct Authority (FCA), the United Kingdom’s financial regulatory body, has issued a warning against another fraudulent entity, exposing yet another firm that has been soliciting its services without a licence.
On this occasion, the firm under the spotlight is Rhodium 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 which is aimed at the Russian market and operates a website at www.rhodium-forex.com. The firm, which has listed its contact details as WR Trade Ltd, 1 Hornsey St, London, UK, has, according to an FCA statement, been providing financial services in the UK without its permission.
On further observation, Rhodium Forex's website was also found to be vague, lacking in transparency and as well as not being FCA-authorised, did not appear to be under the jurisdiction of any other global regulator, suggesting that the firm may be a scam.
The latest warning follows today’s earlier warning on Algo Capitals, a clone of an FCA registered firm, as reported by Finance Magnates, and adds to the growing list of unregulated firms that have come under the scrutiny of the watchdog in recent times.
FCA Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term
Most firms and individuals offering, promoting or selling financial services or products in the UK are required to be authorised by the FCA. In this case, Rhodium Forex was caught out targeting people in the UK without having the authorisation to do so.
The FCA has therefore issued a warning against using the services of this firm and has further advised investors to only deal with licenced financial firms which can be checked against the Financial Services Register containing information on firms that are regulated by them.