Earlier today CySEC issued warnings against investing in a list of brokers, particularly those that involve forex trading, as well as CFDs and crypto tradings. All these fraudulent service where offered via unlicensed financial services providers.
The Cypriot agency said that some of these blacklisted firms are simple by-products of of past legal brokers whose service had to shut down for one reason or another, while others claim falsely to be affiliated with CySEC regulated brokerages.
Here is the full list of the new blacklisted broker by the Cypriot overseer:
Of particular interest in fxpb.us. This unregulated firm suspended its services for 8 days, in what CySEC deems an attempt to escape, or the so called “exit scam”.
The regulator, as always, stresses that these are not regulated and thus cannot be offering legal trading services, nor are they in any way connected to a other licensed brokers.
CySEC also wishes to inform that if money is lost to unregulated brokers, these victimised traders are not eligible for the Investor Compensation Fund (ICF). The compensation fund only covers users of CySEC regulated brokers.
CySEC believes that many of the companies that claims to be be based in Cyprus, are in fact offshore located firms. This explains why it is so hard to contact directly some of these companies.