UK’s Financial Conduct Authority (FCA) has published a warning that the forex broker SLS Trade is not authorized to provide financial services in the country without the proper authorization.
“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation,” FCA notes and adds it may be running a scam.
According to the regulator and the broker’s website, it is based in London.
SLS Trade offers trading in forex and spot gold and silver on the MetaTrader 4 platform.
On its Facebook page SLS Trade claims it is an award-winning broker. Also there, however, some of its clients are complaining they cannot withdraw their funds. In come forex forums other traders are complaining of the same. The broker either does not answer phone calls and e-mails, or comes up with some ridiculous excuses like having lost the bank transfer and not being able to locate it.
It appears SLS Trade is a new kid on the block of unregulated brokers with dubious business practices, as this is the first warning against it, but most likely they will multiply over time.