In the last few weeks CySEC, the Cyprus Securities and Exchange Commission, has officially blacklisted 15 alleged brokers. The Cypriot regulator has issued warnings against the following firms for offering unregulated, and potentially scammer, CFDs, forex pairs, and crypto trading services to users all around:
elite-fxmarket.com bigliquidity.com avafinancials.com pfcapfx.com reset-invest.com reliabletradeoptions.com prcbrokers.com prc-brokers.com fxg.market 247firstinvest.com keyoncapital.com procloudoptions.online cryptotradecentr.com fxgrowcapital.com meritkapital.net
The financial watchdog, as the procedure goes, has stressed that none of these domains are licensed by any overseer, and are thusly illicitly offering their services.
CySEC advises users never to deposit funds in unregulated brokers, because there is no way to get they money back; users are not protected under the Investor Compensation Fund, which when used correctly makes sure that the user is reimbursed in case the regulated broker at hand goes insolvent or cannot meets its financial obligations towards the client.
The Cypriot regulatory agency is always on the lookout for scammer brokers, as well as clone firms, but also illicit firms which arose from forgotten or impaired brokers that no longer serve any function.
However, the watchdog is also in charge of conducting constant inquiries into its legitimate brokerages. In case of any irregularities, CySEC will take action against any company.