Austria’s financial markets and services providers regulator FMA has warned of several unauthorized forex and binary options brokers: SLS Trade, IF Trade and Edgedale Finance.
According to FMA, neither of those companies is authorized to to carry out investment services or banking transactions in Austria that require a license, to trade in securities on own account or on the account of others or to provide investment advice.
SLSTrade’s website is currently inaccessible, but there has already been a warning against it – by UK’s FCA. There have also been complaints from clients that they cannot withdraw their funds.
IF Trade (International Financial Trade) claims to be based in London. Its site is inactive, but a search in UK’s Companies House registry reveals it was incorporated last August to provide activities of financial services holding companies, activities of investment trusts and activities of venture and development capital companies.
Edgedale Finance is an unregulated binary options broker that claims to be based in London and to have over five years of experience. According to some trader forums, it is part of the Greymountain Management Group, which has a large number of dubious binary options and forex brands like GTOptions, FX Cortex, BeeOptions, UKOptions, etc.
In a separate statement from this week, FMA issued a more general statement regarding the still high number of dubious providers on the Austrian financial services market.
According to the document, in 2016 the regulator started a total of 162 investigations against unauthorized entities, while in 2015 the number was 218. As a result, FMA issued 33 warnings, brought about 49 criminal complaints and applied 54 administrative measures.