The Commission de Surveillance du Secteur Financier (CSSF) – Luxembourg’s financial regulator – issued a warning that the forex, CFDs and binary options broker FxMarketLive is not regulated and licensed to provide financial and banking services in and from Luxembourg.
According to the CSSF, the broker’s regulation and license claims are false.
As per its website, the broker is located in Luxembourg, at “5th floor, 56 boulevard Royal, 2449 Luxembourg” or “5th floor, 58 boulevard Royal, 2887 Luxembourg”. It claims it is regulated by the CSSF and says it offers “Individual investors, Traders and Firms a professional treasury and foreign exchange risk management services.” The broker offers trading in forex, CFDs and binary options on the MetaTrader 4 trading platform. It requires a minimum deposit of $1000 and a leverage of up to 1:500.
Interestingly, the CSSF registration number published on FxMarketLive’s site is the same as that published on the site of a forex, binaries and CFD broker going by the name of ZidexFinancials. Even more interestingly, the site of ZidexFinancials looks exactly the same as that of FXMarketLive – with the same layout and the same text. Even the logos are very similar. The address of ZidexFinancials is in Lincoln, Nebraska, but is non-existent.