CySEC, the financial regulator from Cyprus, has warned the public against seven unauthorized investment services.
FXG.Market is a CFD broker that offers trading with cryptocurrencies, FX currencies, stocks and commodities. In total there is more than 40 different assets to trade.
The minimum deposit to open a live account with FXG Market is 250 euros.
The major problem with this broker is that it is anonymous, it does not even provide a contact address. Only a British phone number. Which shows that FXG Market is targeting European clients.
But it has not been authorized by any financial regulator to provide brokerage services, FXG Market is an unregulated broker.
Procloud Options is a binary options broker. With this broker you can trade different assets such as currencies, commodities and cryptocurrencies, using digital options.
Procloud Options claims to be located in the New York, United States, and to be regulated by the CFTC, IFSC and CySec. It also claims that it has won numerous awards. But none of this is true.
Procloud Options is a scam broker. It is completely anonymous, it is not located in the US and it certainly is not regulated in the US, Belize, Cyprus or anywhere else.
Because it is lying about its license, Procloud Options has been blacklisted by the CySEC.
KeyOnCapital is a Forex broker that will allow you to trade with currencies on Forex. The minimum deposit to open a real trading account is 500 USD.
KeyOnCapital is an anonymous broker that does not provide any real contact information. But it claims to be regulated in the United Kingdom, Cyprus, Dubai and Bahamas. However, it is a lie, the broker is not regulated anywhere.
KeyONcapital is a scam and illegal broker that has no authorization to provide investment services whatsoever.
247 First Invest
247 First Invest is a broker focused on stocks, ETFs, options and mutual funds. It also trades with cryptocurrencies and fiat currencies.
The broker claims to have offices in Australia and Cyprus, but it is not true. 247 First Invest is an unregulated and illegal broker that has not been authorized anywhere in the world.
This is the reason the financial regulator CySEC has warned the public against 247 First Invest.
Crypto Trade Center
CryptoTradeCenter is a Forex and CFD brokers. In its portfolio you will find currencies, shares, indices, commodities and cryptocurrencies.
The minimum amount to open a live trading account is 50 USD with Crypto Trade Center.
Crypto Trade Center says on its website that it is located in Australia and Luxembourg, and that it is regulated by the CSSF in Luxembourg. But it is not true.
CryptoTradeCenter is an unregulated and unauthorized broker that has been blacklisted by the CySEC.
FX Grow Capital and Merit Capital
In its public warning the CySEC has also mentioned FX Grow Capital and Merit Capital. However, at press time the websites of these two brokers are unavailable, therefore we have no more information.
What is certain, though, is that FX Grow Capital and Merit Capital are not regulated, therefore you should avoid doing any business with them.
FXG.Market, 247 First Investment, KeyOnCapital, Procloud Options, Crypto Trade Centre, FX Grow Capital and Merit Capital are unauthorized investment services that have been blacklisted by the financial regulator CySEC. Stay away from them!
For trading you should always use regulated broker that have an authorization valid in your country. Start on a free demo account and use virtual money to learn to trade profitably.