Do not invest more money than you can afford to lose.
UK’s financial services providers regulator, the Financial Conduct Authority (FCA), has warned of the unregulated forex broker ExxonFX and of a fraud involving fake emails allegedly sent by FCA.
According to the regulator, the ExxonFX forex broker is providing services requiring authorization, which it does not have. “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us”, the FCA said in its notice. “However, some firms act without our authorisation and some knowingly run investment scams.”
The broker is owned by Revolution Markets LP and claims to be based in the UK. It, however, does not have a license from the FCA to provide financial services. ExxonFX offers trading in forex and CFDs on the popular platform MetaTrader 4 (MT4).
In a separate publication on its site, the FCA informs the public of fraudsters selling fake emails on behalf of the regulator. The e-mails appear to be from an FCA email address or refer to the FCA in the email subject. The watchdog advises those who get such an email, to delete it immediately, without opening.
Here is a list of the fake emails so far reported to FCA:
- fake emails sent from [email protected] with subject ‘FCA business update’ or ‘Blacklisted FX firms’ (9 May 2017)
- fake emails sent from [email protected] with subject ‘Overdue balance’ (9 May 2017)
- fake emails sent from [email protected] (21 March 2017)
- fake emails sent from [email protected] (5 January 2017)
- fake emails sent from [email protected] with subject ‘FCA Regulation 2017’ (16 December 2016)
