The three Forex brokerages – MarketGBP, Capital-Traders, and FXTRADE777 – have been blacklisted by the UK’s Financial Conduct Authority. The financial watchdog claims they have been providing financial services to British traders without a proper license.
We read in the official warning issued by the FCA that the three Forex brokerages are suspected of being involved in fraudulent activities and “knowingly running investment scams.”
The first firm – MarketGBP – is a MT4 Forex brokerage which we have reviewed. It is owned and operated by the infamous Estonian Blonde Bear OU which is connected with several other proven scammers such as Mib700, Tradex1 and Black Parrot Limited. As a matter of fact, the Italian financial watchdog CONSOB has issued an official warning against both Tradex1 and MarketGBP.
FXTrade777 is also connected with Blond Bear OU, as are many shady brokerages. It is also blacklisted by the independent external dispute resolution Financial Commission (FinaCom). We also learn from the warning by the FCA that the firm is attempting to mislead traders by using the corporate information of legitimate Forex brokerage FINSA Europe Ltd. In other words – it is a “clone firm.”
The last of the brokerages that has ended up on the warning list of the FCA – Capital Traders – is owned and operated by a London company by the name Option Solution Online Ltd. The company, of course, does not fall under any regulatory oversight whatsoever. Furthermore, while researching the brokerage we discover it actually aims at misleading clients into thinking it is in someway connected with the world-known Saxo Bank.
The FCA always advises interested traders in the UK, and around the world, to always do business only with legitimate and regulated Forex brokerages. Traders may check brokerages by going to the online registry of the agency and ensuring the firm is subject to the strictest regulatory standards.