FCA UK: Trade-24 operates unauthorized, could be scam

FCA UK: Trade-24 operates unauthorized, could be scam

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The UK Financial Conduct Authority (FCA) issued on Wednesday a warning against forex broker Trade-24, calling it a possible fraud. The broker has been providing forex trading services in the UK without having the required authorization.

In the UK, financian companies are forbidden to provide services unless they have the proper license issued by the local regulators or the relevant authorities in any other EU member state.

The broker operates via the website www.trade-24.com and offers trading in forex, CFDs, stocks and commodities via the MetaTrader 4 platform. Its site has versions in English, Polish, Bulgarian, Arabic, French, Russian, Spanish and German.

Recently, the International Financial Services Commission (IFSC) of Belize also referred to the broker as being a forgery. The regulator alerted at the time that TRADE24 Investments Ltd., the operator of Trade-24, falsely claimed it carried a forex broker license issued in Belize, without actually having one.

According to its website, the broker was established in 2007 in Switzerland and has offices in Zurich, London and Paris. It claims it has a license for trading in financial and commodity-based derivative instruments and securities and is regulated by the IFSC.

We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

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