Unregulated Forex brokerage Marketrade has recently been added to the long warning list of the Financial Conduct Authority in the UK. The firm has been recognized as an unauthorized financial services provider.
According to the official warning the firm does not hold the proper license by the FCA for providing financial services to British traders and is operating outside the law.
Marketrade is supposedly owned and operated by a company with a SVG address. Saint Vincent and the Grenadines is quite a popular destination for scammers and readers should take notice that the country does not regulate Forex trading.
On the official warning issued by the Financial Conduct Authority we read that the British authorities suspect the brokerage of knowingly participating in investment scams. Traders are warned not to contract the services of Marketrade.
The FCA has provided traders with a consumer helpline and urges anyone that has been “cold called” or targeted in any way by representatives of Marketrade reach them on 0800 111 6768. UK’s main financial regulator regularly updates its warning list and recommends traders always run a quick check on a brokerage on their online registry before investing funds with them.