Scam Artists? FCA Issues Warning Against FX and Binary Options Brokers

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Finance Magnates Telegram Channel Another day, another set of unregulated brokers for you to keep well away from.

The British regulatory authority posted a list of unregulated companies this Monday that includes retail binary options and forex brokers. Based around the globe in renowned financial hubs, such as Samoa, Vanuatu, and the Marshall Islands, these firms offer a variety of services but, surprisingly, provide little indication as to who they are or who operates them.

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SolidCFD appears to be paving the way for forex brokers in the country, whose largest exports are frozen fish excluding fillets and special floating structures. The company also has two other offices listed on its website. A quick google search indicates that people claiming to operate from this office have been attempting to provide unauthorized financial services through cold calling. Another address is listed as being in West London. A list of companies operating at this address, however, seems to show that no company related to SolidCFD is based there.

Regulation and fraud[ edit ] Further information: Securities fraud Many binary option "brokers" have been exposed as fraudulent operations. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect a payment, the operator will simply stop taking their phone calls. Provincial regulators have proposed a complete ban on all binary options trading include a ban on online advertising for binary options trading sites. The effect is that binary options platforms operating in Cyprus, where many of the platforms are now based, would have to be CySEC regulated within six months of the date of the announcement.

This suggests that the company is unlikely to have any physical presence in the UK, even if their website suggests otherwise. Reviews of the website offer up a litany of negative feedback.

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Users report being unable to withdraw funds, pushy salesmen, and communication blackouts when requests for withdrawals are made. Stay away from SolidCFD.

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Options Stars Global Another emerging market trailblazer, Options Stars Global OSG is registered on the Polynesian island of Samoa — a country more renowned for rugby players and coconut cream exports than its binary options brokers. The firm also lists a UK phone number on its website but does not appear to have any base of operations in the country.

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The company has done so badly they even have a Facebook page against them. Finance Magnates contacted an OSG employee for comment but, shockingly, no reply was forthcoming.

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This author advises you never to trade binary options with a company based in Samoa — stick to watching them play rugby or buy some of their coconuts. Interestingly, the company does not appear to have opshn star global binary option registered office.

XFR has a UK office, but it is clear that no one works there. Again, it is difficult to ascertain if there is any connection between this company and the warning issued today by the FCA. Opshn star global binary option its competitors SolidCFD and OSG, XFR does not have a solid set of user reviews — unless you include the ones on its website that read as though they 24 official option written by the same person.

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That being said, the small number that do exist suggest the site is a scam. You will be shocked to hear, dear reader, that no response was given when the author requested a comment from the company for this piece.

Breaking away from the saturated European market and the bustling East-Asian industry, StratX decided to register its business in the Marshall Islands. The company also has a trading office in North London.

This address is also used by a company that allows other companies to register their business under their address — suggesting that StratX has no employees at its listed address.

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Reviews of the company suggest you would be better off spending your money on some frozen fish from Vanuatu. Customers complain that the site is nothing but a scam.

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Some former customers even claimed StratX employees operate another company, calling people who have lost their money and saying they will help get it back.

There is a catch of course before they get your cash back you have to give them some more of your money first.

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