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Showing posts with label Brokers & Regulations. Show all posts
Showing posts with label Brokers & Regulations. Show all posts
June 20, 2018

FCA Issues Warning Against Three Binary Options Brokers

The Financial Conduct Authority (FCA)

UK’s financial services watchdog, The Financial Conduct Authority (FCA), has announced warnings against several unregulated binary options brokers and a portfolio management firm. BigOption, Rbinary and VIP Brokers are the binary options brokers that FCA has warned against for providing financial services or products without authorization.

Furthermore, LTX Markets has been targeting clients in the UK and is also conducting financial activities that require regulation without FCA’s authorization.

1. BigOption’s website is currently down, so I could not get further information about this company. However, looking at its name, it is safe to say that this is an unregulated binary options broker.

2. Rbinary
is a binary options broker, also social trading platform with claimed returns up to 80%. There is no information on the website about the company who owns the brand, but according to the Terms and Conditions, the Company is registered in the Marshall Islands.

3. VIP Brokers is registered in the Marshall Islands and owned by Wilkinson Development LTD. The broker offers different account types with promised returns between 80% to 90%. We should say that it is common to see that binary options brokers promise high returns, but in reality most of option traders lose their money.

LTX Markets claims to offer automated portfolio management systems on fixed return contracts based on the clients’ investment objectives and risk sentiment. Supposedly, the company is headquartered in UK and has offices in South America and Switzerland.

I keep saying that investors who are intending to open trading account with a binary options broker, that is registered in offshore regions such as the Marshall Islands, must think twice. The same goes with forex brokers as well. Many of those brokers are simply scams, and even if they are not, the clients have no financial and legal protection if things go sour.

On the other hand, all forex brokers licensed by UK’s FCA goes under strict regulation and standards.

Canadian Regional Regulator Issues Warning Against AvaTrade

FCCA Canadian regional financial services regulator

Canadian regional financial services regulator The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a warning against the well-known forex broker AvaTrade. Specifically, FCAA has announced that it launched a Temporary Cease Trade Order versus Ava Trade Limited.

The watchdog explained that AvaTrade is operating an unregistered online trading platform for trading forex and CFD under its jurisdiction.

FCAA states that AvaTrade is not a registered and regulated company to prodive trading services in Saskatchewan or other jurisdictions in Canada.

It appears that AvaTrade is the subject of several other warnings issued by regulators of other states in Canada such as Ontario, British Columbia and Quebec. Residents of Canada who have been contacted by AvaTrade are urged to contact FCAA by the regulator.

Announcement from the Directors of FCAA

An investor should always check to see if a company is registered to trade in the jurisdiction that the investor resides, before handing over their money. A company’s registration status can be checked by using the Canadian Securities Administrators’ National Registration Search database at Just because a company claims to be registered in a foreign country, does not mean they are registered everywhere.

This warning from FCAA is a serious stigma on the reliability of AvaTrade.

FCA Issues Warnings Against Three Firms

FCA (Financial Conduct Authority)

UK’s financial watchdog FCA (Financial Conduct Authority) has released warning against three firms that are unregulated by the FCA but offers financial services to the UK citizens.

New Power Gen Ltd t/a Strategy Markets

Addresses: 3rd Floor, 207 Regent Street, W1B 3HH
51 Marshall Street, Island Suite, Soho, London W1F 9SF
Palm Grove House, P. O. Box 438, Road Town, Tortola, British Virgin Islands
Strategy Corp Ltd, Palm Grove House, P. O. Box 438, Road Town, Tortola, British Virgin Islands
Telephone: 0800 031 5292,0800 031 5293,0800 031 5294,02038138577,07933855528,07599828738

Delta Capital Markets / ADT Group Ltd

Addresses: 86-90 Paul street London, EC2A 4NE
145-157 St John Street, London, England, EC1V 4PW
ADT Group, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
Axium Corporate 43 The Bowls, Chigwell, Essex IG76ND
Telephone: 08002461782, 02036218153
Email:[email protected],[email protected],[email protected],[email protected],[email protected],[email protected],[email protected]

The last warning is against a clone firm which is using details of a financial service provider regulated by FCA.

Trade Korea (clone of FCA authorised firm)

We advise attention and caution if you receive promotional email or text message from any of those three firms.

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