UK FCA adds unauthorized forex broker IBA Markets, binary options broker Sigma Option to warning list

UK FCA adds unauthorized forex broker IBA Markets, binary options broker Sigma Option to warning list

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The UK Financial Conduct Authority (FCA) issued over the weekend separate statements in which it warned against unauthorized binary options broker Sigma Option, a brand of BR23 Ltd., and forex broker IBA Markets, operated by International Brokers Association Markets.

Neither of the two brokers is authorized to provide financial services on the territory of the UK. Nevertheless, they have both been targeting local citizens and are carrying on regulated activities which require authorization. They could knowingly run investment scams and traders should deal with great caution when engaging with them

The two brokers provide addresses in London.

Sigma Option, www.sigmaoption.com, provides no information regarding authorization or licensing. It offers binary options on currencies, commodities, indices and stocks with a payout of up to 300% of the invested amount. There is a required minimum deposit of $250 and new users can claim a first deposit bonus of up to 100%. In addition to trading, the company also provides banking services.

IBA Markets, www.ibamarkets.com, offers trading in forex, contracts for difference (CFDs), indices, equities, and commodities. The broker claims to be in the process of obtaining a license from Germany’s financial watchdog, the Federal Financial Supervisory Authority (BaFin), and is regulated by Russia’s Federal Financial Markets Service (FFMS). However, the FFMS ceased operations in September 2013 and the German regulator’s website contains no data regarding IBA Markets.

The broker offers several types of trading accounts with a minimum initial deposit starting from $500.

In April this year, IBA Markets was also included in the warning list of Spain’s financial regulatory body CNMV for operating in the country without the required authorization.

The UK regulator keeps a register of authorized forex and binary options brokers where investors can look up a broker prior to engaging with it.

When engaging with unauthorized and non-regulated brokers traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

2 Comments

  1. obviously like your website however you need to check the spelling on several of your posts. Several of them are rife with spelling issues and I to find it very bothersome to tell the truth on the other hand I will definitely come again again. adaddgddkedkefbk

  2. I have a huge issue with binary book .com iwas duped into investing over 30000$ with them.When i asked them for securities so that i would not incurr a loloss, my broker then a rihana mark suggested a reward bonus time of account.There was never a document which eever stated that i would have to trade 30 times with the reward dollars before i ccould make a withdrawal.She told me that i could trade with reward dollars and whenever the trade won , the profit was for my account and that i could withdraw pofits whenever i wanted.When i asked her how many times we should trade with the reward dollars , she simply said a few times but certainly not 30 times.When i saw that i needed to to make a withdrawal she simply said i need to now forward all info to support because she was going on holiday.Once i forwarded all info to support they just to me that if i wanted to withdraw any profits from my account , i should first reach the bonus turnover of 30 times against the reward dollars given to me.The reward dollar amount at that time was 15600 dollars that i had received.So i needed 30 times 15600 $ which was 468000 before i qualified for a wa withdrawal.Being totally confused after back and forth emails eith support they eventually put me into contact with another trader by the name of Mike Shats.After he had been informed about my situation , he said he could not help with all the misleading info that rihana had given us.He said he wad there to assist to help me reach the turnover.Feeling confused and helplesd we agreed to start trading towards the turnover, as soon as we started about 2 weweeks into trading we were again informed by support that new trading time was now 60 and not 30 anymore.

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