Austria’s financial regulator, the FMA, has issued a warning against the binary options and forex broker 10Markets.
According to the regulator’s publication, 10Markets, with an address in London, “is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others, including equivalent instruments settled in cash as well as call and put options on the instruments” listed in Austria’s bank laws.
As per the broker’s website, it offers trading in forex and CFDs on MetaTrader 4 and binary options on Binary WebTrader. It also offers online webinars and other training materials and research tools. The main phone numbers are with English dialing code, but there are also customer support lines in Canada, Russia, Spain, South Africa, Germany, Switzerland, Australia and Qatar.
There is neither ownership, nor regulatory information whatsoever and an SMN check revealed that 10Markets is not present in the UK Financial services register.
This appears to be the first warning from a national regulator on 10Markets.