Unregulated Forex Brokers, FXN Trade & Net CFD Exposed by UK's FCA
- A duo of unregulated forex and CFD brokers offering their services within the UK without proper authorization while claiming UK registration has been exposed by the British financial markets regulator.
The Financial Conduct Authority (FCA) recommends avoiding to do any kind of business with a couple of unregulated 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 brokers claiming to be incorporated in the UK. The UK regulator has announced on its website that both FXN Trade and Net CFD are believed to have provided financial services or products in the UK without its authorization.
The unregulated forex brokers claim to be registered in Mayfair and the Canary Wharf, with FXN Trade claiming to be operated by an entity named Centaure Capital Partners. Both websites visited by our reporters appeared unusual, with FXN Trade believed to be targeting French speaking clients too.
The company depicts on a margin levels table that it is offering "20:01 or 10%" leverage on trading CFDs on U.S. shares. Furthermore, on its "Security of Funds" section it alleges that it "holds its operational and its customer accounts in banks of international repute, such as the National Bank of Dubai, Barclays Bank and the Rietumu Bank."
There is no National Bank of Dubai, but the Emirates NBD (National Bank of Dubai) is the closest institution to match the name used by the online entity, FXN Trade. Another misspelled name is that of Rietumu Banka, which is a Latvian bank, leading to possible Russian connections of the online entity.
Net CFD on the other hand is offering 1:40 leverage on U.S. stock CFDs. No real Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term department would allow such leverage on stock trading because this asset class is way more volatile than forex.
As mentioned above, the entity also claims to be run by a given Centaure Capital Partners LTD, which is merely a misspelled version of Centaur Capital Partners. The clone wars reign free as unregulated forex brokers keep abusing names of regulated entities. Regulators are facing a tough time identifying all the online entities fraudulently claiming any sort of registration.
The Financial Conduct Authority (FCA) recommends avoiding to do any kind of business with a couple of unregulated 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 brokers claiming to be incorporated in the UK. The UK regulator has announced on its website that both FXN Trade and Net CFD are believed to have provided financial services or products in the UK without its authorization.
The unregulated forex brokers claim to be registered in Mayfair and the Canary Wharf, with FXN Trade claiming to be operated by an entity named Centaure Capital Partners. Both websites visited by our reporters appeared unusual, with FXN Trade believed to be targeting French speaking clients too.
The company depicts on a margin levels table that it is offering "20:01 or 10%" leverage on trading CFDs on U.S. shares. Furthermore, on its "Security of Funds" section it alleges that it "holds its operational and its customer accounts in banks of international repute, such as the National Bank of Dubai, Barclays Bank and the Rietumu Bank."
There is no National Bank of Dubai, but the Emirates NBD (National Bank of Dubai) is the closest institution to match the name used by the online entity, FXN Trade. Another misspelled name is that of Rietumu Banka, which is a Latvian bank, leading to possible Russian connections of the online entity.
Net CFD on the other hand is offering 1:40 leverage on U.S. stock CFDs. No real Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term department would allow such leverage on stock trading because this asset class is way more volatile than forex.
As mentioned above, the entity also claims to be run by a given Centaure Capital Partners LTD, which is merely a misspelled version of Centaur Capital Partners. The clone wars reign free as unregulated forex brokers keep abusing names of regulated entities. Regulators are facing a tough time identifying all the online entities fraudulently claiming any sort of registration.