TBBOB British Financial Conduct Authority (FCA) has published new warnings about companies offering financial services without necessary authorizations.
CFsum
CFsum is a broker that is offering trading with currencies, stocks and commodities. The minimum deposit to open a real trading account is 250 dollars.
CFsum is run by a company named Bestfolio Consulting from Estonia. The broker does not have any license that would allow it to offer investment services in regulated countries. Since it is offering its services to UK’s residents, the FCA has put it on its blacklist.
ProCapitalMarkets
Pro Capital Markets is a broker that will allow you to trade Forex, stocks and commodities. We could not find what the minimum deposit to open a real account is.
ProCapitalMarkets is located in Saint Vincent and the Grenadines and it is not regulated. Despite the lack of a license it is soliciting residents of Great Britain, therefore breaking the laws. This is why the FCA has warned against it.
Time4actions
Time4actions is a company that says that it will help victims of internet scams. It focuses on scam brokers.
The company wants people to pay fees upfront, 5 to 10 % of the lost amount, the minimum seems to be around 1000 dollars. Time4actions says it is based in the Czech Republic, but the phone number leads to Israel.
According to the FCA Time4actions is offering its services in the UK without the necessary authorization, this is why it has been blacklisted.
Rockwell Investment Management
Rockwell Investment Management is an investment company that is managing investment for private investors, trusts and charities. Allegedly. It is investing mainly in securities.
The company is located in Great Britain, but it is not authorized by the FCA. This is why it was blacklisted.
Sumary
CFsum, ProCapitalMarkets, Time4action and Rockwell Investment Management were blacklisted by the Financial Conduct Authority from Britain for offering financial services without the necessary authorizations.
For investing we recommend using only regulated companies and brokers.
Hello if ellisandburlington are bad why they have good review on pilot trost
Please add LionsFM also on the Scam List. You can easlily deposit. Profits are great. But they refuse all withdrawals. If you start to push they make a very bad trade resulting your balance to be zeroed
You are in error. Ellis and Burlington is not on the FCA watchlist.
Ellis and Burlington are not on the FCA blacklist.
FCA obviously removed them from the blacklist. Thank you for the info, I updated the article.
I’ve been a victim of a group of scammers who convinced me to transfer money on a trading account held on the platform named “GX Says” (trade.gxsays.com/#/auth).
I discovered that I couldn’t retrieved my money anymore.
I would like to introduce a claim, but to which authority ?
Which organisation is reliable enough to handle this claim ?
Thanks for your help.
How did you make the transfer?
GX Says supposedly is located in Belize, so you can start by asking their financial regulator for help: https://www.ifsc.gov.bz