Do not invest more money than you can afford to lose.
The Cyprus Securities and Exchange Commission (CySEC) said it is starting the compensation payments to the clients of the forex broker Falcon Brokers. According to the announcement, the decision was taken on September 26.
The regulator terminated Falcon’s Brokers license in April this year, after it suspended it last September and extended it twice more – in October and November 2015. The decision was taken based on violations of the Cyprus Investment Services and Activities and Regulated Markets Act, in its part regarding operational requirements and client funds.
At the time of the current publication, Falcon Brokers appears to be working undisturbed and claims it has licenses from UK’s Financial Conduct Authority (FCA) and Germany’s regulator BaFin.
An SMN check revealed that the link to the German regulation turns up a database error and the registration number does not correspond to any entity in the financial services registry.
As for FCA’s authorization – Falcon Brokers used to have one, but not anymore.
