Last week UK‘s Financial Conduct Authority (FCA) has placed more unauthorized investment services on its blacklist.
RI Markets uses the platform Metatrader to let its clients trade Forex, stocks and commodities. There are three different types of trading accounts with different conditions, but we could not find what the minimum deposit is.
The main problem of RI Markets is that it is no regulated. Despite this fact it is offering its services in regulated countries like in Great Britain or Australia, which has earned it a place on the blacklist of the FCA.
LV Grow Markets
LV Grow Markets offers investment services and advice. With this broker you can trade stocks, commodities and currencies. You will get a personal manager who will give you trading strategies and advice on how to trade.
But the broker has no authorization to provide this kind of services. LV Grow Markets does not even provide its address, it is not regulated. Since it is soliciting residents of the United Kingdom, among others obviously, the regulator has warned the public against it.
Wealth Capital is a broker that you can trade currencies, cryptocurrencies, stocks, commodities and cryptocurrencies with. It has a high minimum deposit of $5000, which is several times higher than the average in this industry.
The first problem is that the broker is showing some awards that it has not won. The second problem is that it is an anonymous broker that is not regulated, WealthCapital.fm is not authorized to provide investment services.
With My Coin Banking you can trade cryptocurrencies, currencies, stocks and commodities. The minimum deposit is not disclosed, however the minimum withdrawal amount is $500, so we expect the minimum deposit not to be lower.
The reason why MyCoinBanking has been placed on the blacklist of the FCA is that it is an unregulated broker who is offering its services to people living in the UK, therefore breaking the laws. The broker allegedly is located in Saint Vincent and the Grenadines.
RI Markets, LV Grow Markets, Wealth Capital and MyCoinBanking are unauthorized brokers that have been placed on the blacklist of the Financial Conduct Authority. You should avoid them.
For financial trading you should use only regulated brokers, so that you and your capital are protected.