The Central Bank of Ireland warns against 8888Markets – an unregulated forex and CFD broker, that has been illegally providing financial services to Irish citizens, without having a license, the institution says in a statement.
All companies, providing financial services, including forex and CFD products, in Ireland, should hold a license by the Irish Central Bank or an official financial regulator from another EU country, such as the Financial Conduct Authority (FCA) in the UK or the the Cyprus Securities and Exchange Commission (CySEC). 8888Markets is not authorized as an investment firm in Ireland nor in any other country in the European Union.
“It is a criminal offense for an investment firm to operate in Ireland unless it has authorization from the nation’s central bank”, the Irish regulator says, adding that any individuals who have chosen to invest funds with 8888Markets will not be eligible for compensation in any form under the Investor Compensation Scheme.
8888Markets does not disclose the name of the company behind the broker, neither provide us with a contact address. There is only a google map, indicating that they are probably located in Dublin, Ireland. In the same time their telephone number is British.
The Irish Central Bank also warns, that anyone offered financial services via cold calls or email is most probably targeted by scammers and should make extra checks to ensure the company, he or she is dealing with, is properly regulated.
The Irish Central Bank also says it will take further actions to curb the risks, associated with all leveraged CFD products, for the retail traders in the country.