The financial regulator from Cyprus has blacklisted 20 new unregulated investment services.
The CySEC has warned the public about the following investment services. These companies offer financial trading and investing in different assets, such as cryptocurrencies, currencies and commodities.
All these companies offer services that are subject to regulation, like financial derivatives trading or investing. Therefore, they are required to acquire an authorization valid in every country they target.
But the following services are not regulated at all, they certainly have no authorizations in the EU or any other major jurisdiction such as the USA, Canada, Australia, Japan etc.
CySEC invites people to exercise caution when dealing with these companies since they are not regulated:
- Instant Crypto Forex Trades
- UPS Hot Finance
- Global Vesco
- Raphael FX Investment
- Contrade FX Pro
- FRM Corp
- Maximum Finance Trade
- Forex Earners
- IFM Corp
- Fast Trade Ltd.
- Expert Earners
- All FX Trading
- BHC International
- BB Group FX
Based on our experience we can say that it is dangerous to deal with unregulated companies that offer any kind of financial services because the percentage of scams among them tends to be very high.
Unregulated companies are not under control of independent third parties, so they can do what they want and often disappear with all the money they got from investor. And since they are not regulated, deposits are not insured and money is almost impossible to recover.
If you want to trade financial markets, you should do it with a regulated company that has an authorization in your country. You can start on a free demo account to learn with virtual money.