Forex SCAM: UK’s FCA warns against unauthorized UTMarkets, Amerex Trade

Forex SCAM: UK’s FCA warns against unauthorized UTMarkets, Amerex Trade

The Financial Conduct Authority (FCA), UK’s financial regulatory body, has issued warning notices against London-based United Trading Markets and Amerex Trade Ltd, saying the entities does not have authorization to perform financial services in the country, the FCA said on Wednesday.

United Trading Markets may have been offering financial services and products in the country and targeting UK citizens through its website www.utmarkets.com, while Amerex Trade has been using www.amerextrade.com for the same purposes.

While not all entities operational on the UK market are required to have a license issued by the local authorities, some do need to be authorized, in order to offer financial services in the country. The FCA keeps a list of licensed companies that are regulated to meet its requirements and all other entities that are not included in the list may appear to be a scam.

On its website, United Trading Markets says it offers forex and contract for difference (CFDs) brokerage services. As its liquidity providers, the company has listed ING, Danske Bank, Nordea, and ABN-AMRO. It seems the broker provides no details as to where it is regulated and by whom. However, it says it has to file periodic reports with the relevant authorities in the jurisdictions in which we operate, without providing details.

We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

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