UK’s FCA warns of Trade12, MRTMarkets forex brokers

UK’s FCA warns of Trade12, MRTMarkets forex brokers

- in All News, Featured News, Warnings
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UK’s financial markets and services watchdog – the Financial Conduct Authority (FCA) – has published several warnings of unauthorized companies offering their financial services without the proper license.

One of them is the already notorious forex broker Trade12, which appears frequently on various warning lists. The latest to issue a notice of its unlicensed activities was the Australian Securities & Investment Commission (ASIC).

Trade12 appears to change its ownership and address frequently. Earlier it was claiming it is owned by Exo Capital Markets Ltd based in the Marshall Islands and still does on its Facebook page. On its own site, however, the broker claims to be based in Tallinn, Estonia and owned by the company Global Fin Services Limited registered in the UK.

There are also numerous complaints from clients that the broker is a scam.

The other forex broker – MRTMarkets is also unregulated and based in the UK. Or so it claims.

The broker offers trading in forex and CFDs on the popular MetaTrader 4 platform, with a maximum leverage of 1:500.

Other regulators have also warned of MRTMarkets: New Zealand’s FMA, France’s AMF and the Cyprus Securities and Exchange Commission, as well as Italy’s CONSOB.

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