French regulators warn against non-authorized forex brokers, including Admiral Markets clone

French regulators warn against non-authorized forex brokers, including Admiral Markets clone

France

France’s financial regulatory bodies, the Autorite des Marches Financiers (AMF) and the Autorite de Controle Prudentiel et de Resolution (ACPR), have issued a warning against four entities providing forex trading services in the country without being authorized.

Following is a list with the four unlicensed entities added to the regulators’ warning lists:

www.admiralmarketsltd.com / Admiral Markets Global Solutions Ltd.
– www.fm-fx.com / FM Marketing Ltd.
– www.goprofinance.com / GoProBank
– www.trade-24.com / Trade24 Global Ltd.

The list includes Admiral Markets Global Solutions Ltd., doing business via www.admiralmarketsltd.com. The company claims to have offices in the UK, Cyprus and Estonia. It is not related to multi-licensed brokerage group Admiral Markets (which also operates in the same markets), despite carrying a very similar brand.

Trade24 has been included in the warning lists of other regulatory authorities, as well – in Australia, New Zealand, UK, Canada’s Ontario province and Belize. Its website is currently not operational.

Both the AMF and the ACPR maintain lists with financial service providers that do business in France non-authorized. They also provide information about entities that are fully licensed and regulated. These lists are available to the public and easily searchable.

“If the intermediary in question is not on these lists [of authorized financial service providers], we strongly recommend that you should not make use of their services, as they are in breach of the applicable legislation and are not required to comply with basic rules of investor protection, information disclosure and claims handling,” the AMF said in a notice.

The AMF, an independent public authority, is in charge of the supervision of the financial markets in France. It licenses financial service providers, sets industry rules, and monitors whether entities comply with them. The regulator makes sure French citizens receive adequate information and safeguards their investments in financial products.

The ACPR is in charge of the supervision and regulation of the banking and insurance sectors in France. It make sure of the stability of the financial systems of those it supervises, as well as the protection of their customers, insurance policyholders, members and beneficiaries.

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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