The FCA Has Released A New List Of Unlicensed Brokers

The Financial Conduct Authority (FCA), the UK's financial watchdog, has published a fresh batch list of unlicensed businesses suspected of providing financial services to consumers in the UK and other countries.

Unauthorized businesses, also known as unregulated firms, are intent on deceiving you since their primary purpose is to steal your money and never return it. People currently believe that one of the finest methods to benefit from their investments is via internet trading. They are readily swayed by offers without understanding the quality of the company. This is due to a misunderstanding of the compliances required for a broker to be permitted to offer financial services or investments.

This explains why the number of fraudsters far outnumbers the number of genuine ones.

The FCA never misses a single day in issuing public warnings to avoid doing business with the aforementioned businesses.

The following is a list of businesses that have been warned by the FCA as of January 17, 2023.

AMTOP MARKETS LTD

CENTRAHOMA STONE BANK

ELITE CAPITAL INVEST

APEXMARKET LTD

FXCFTRADERS

LOST WALLET LIMITED

TOP-MINER

WikiFX, as a media platform, assists the FCA in keeping an eye on fraudulent organizations by requesting people all around the world to report any poor or unlawful activity in the online trading market. Traders may use the site to discuss negative experiences they've had with their brokers, and WikiFX will report the event to the appropriate financial authorities.

Final words

To prevent scam brokers, do thorough research and only interact with recognized, licensed organizations. It is also prudent to invest with prudence and never invest more than you can afford to lose. Furthermore, be wary of any broker who guarantees assured profits or claims to have insider market knowledge. Before creating an account, always check the firm's registration and compliance with regulatory bodies. It's also a good idea to go online for consumer reviews and concerns.

Stay tuned for more unauthorized firms

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