Bulgaria’s Financial Supervision Commission (FSC) issued a statement on Wednesday saying that it has not frozen the bank accounts of non-regulated forex broker UTMarkets or its affiliates and has not prohibited them from returning customer funds, as the brokers state.
The financial regulator said it has received a number of customer complaints against UT Markets, www.utmarkets.com, and several other entities affiliated to it – CFD Global Ltd., STP Marketing Ltd. and T-Marketing Ltd.
The FSC is indeed conducting an investigation on these entities into the operations they may have on the territory of the country. In Bulgaria, unauthorized financial service providers are not allowed to do business in the country or target local citizens. However, the regulator has not blocked the bank accounts of any of the above-mentioned companies or persons affiliated to them.
As it seems, the brokers refuse to provide clients access to their deposits, claiming that they don’t have the Bulgarian regulator’s permission to do so. This is a clever scheme since it sounds plausible and many brokers would fall for it (at least for a while), except the fact that it is not true.
UTMarkets (United Trading Markets) is a brand of T-Marketing Services Ltd. according to the broker’s website. It provides no details as to where it is regulated and by whom. It notes, however, that it is not regulated or authorized by the UK Financial Conduct Authority (FCA) or Bulgaria’s FSC. The reason for this might be that both the UK and Bulgarian financial watchdogs have issued warnings against the broker.
The broker was set up in 2013 and is based in the Bulgarian capital city of Sofia. It claims that ït “abides by all regulations, rules and ordinances enacted and published by authorities in the jurisdictions in which we operate,” but it was not made clear as to what jurisdictions these were.
UTMarkets’ website, the broker offers forex and contract for difference (CFDs) brokerage services via three different account – Standard, Classic, and Premium. Minimum required deposits start from $100 and reach $10,000. It offers “a varied collection of state-of-the-art trading platforms“, including proprietary xMobile and Tablet Trader.
The FSC regularly maintains a public Electronic Register of all regulated companies. It also issues warnings against unauthorized entities and has a list of such entities. Earlier this year, the regulator also warned against Russia-based forex broker InstaForex and Mauritius-based HotForex, among others.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.