UK’s Financial Conduct Authority (FCA) has issued a warning that the Explore Markets Limited forex broker is not authorized to offer financial services in the country. The company has two addresses in London and uses the names Explore Markets Limited / Explore Corp Limited / EM UK / EM Financial Services Limited.
It operates a forex brokerage on the website http://exploremarkets.com and, according to it, Explore Markets Limited has an offshore regulation on the St. Vincent and the Grenadines. At the same time, Explore Corp Limited is registered in the Company house UK registry, but this does not mean it has a financial services license.
According to its website, Explore Markets was established in 2011 in Singapore. The broker offers trading in forex, metals, indices and agricultural commodities, with a leverage of up to 1:400. The trading platform is MetaTrader 4 and there is also social and algorithmic trading.
The FCA notes that it believes the firm is providing financial services and products in the UK without the proper authorization and warns investors to use extreme caution.
The regulator’s warning comes in a period when the financial authorities of several other countries have published reports that complaints against unscrupulous forex and binary options brokers are on the rise. Earlier this week, Belgium’s FSMA has added 15 unauthorized investment services providers, including binary options and forex brokers, to its warning list. The US Commodity Futures Trading Commission (CFTC) has also updated its RED List with 23 foreign forex and binary options brokers who are not allowed to solicit and accept funds from US residents, but are doing it nevertheless.