UK FCA alerts against unauthorized 10Markets.com

UK FCA alerts against unauthorized 10Markets.com

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The UK Financial Conduct Authority (FCA) issued on Wednesday a warning against forex brokerage 10Markets.com for targeting local investors without obtaining the required authorization.

“This firm is not authorized 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,” the FCA said in a notice.

10Markets.com is a broker of forex and contracts for difference (CFDs) on currencies, stocks, indices, and shares. It is a brand name of UK-based Badale Investments. The broker’s platform offering includes the MetaTrader 4 (MT4), MT4 WebTrader, and MT4 MirrorTrader.

10Markets.com does not provide information about authorization. It has also been included in the warning lists of the relevant regulatory bodies in Cyprus and Austria.

The UK is a strong forex market with tight regulation. An FCA license provides access to the rest of the countries in the European Economic Area (EEA). Without a license, however, entities are not allowed to provide financial services in the country.

The FCA is renowned for its strict standards and tight supervision.It keeps a register of authorized forex and binary options brokers where investors can look up a broker prior to engaging with it. It also issues on a regular basis warnings against entities that could possibly harm investors.

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.

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