During the past week another five unregulated brokers made it to the blacklist of the Financial Conduct Authority (FCA) in the UK.
The broker claims to be regulated, but it is not true. Since it is located in England, it needs a license from the FCA, but it doesn’t have it. This is the reason why the regulator has added FXonspot to its blacklist.
LincolnFX says it has headquarters in the UK and offices in Switzerland and Singapore. But it very probably is not true.
In any case it is a broker that has no authorization to provide investment services and it is breaking the laws of the United Kingdom.
This broker says that 79% of the trades placed by its clients are profitable, which is hard to believe, because it goes against all stats in the industry.
But the important fact is that YorkCG is based in Saint Vincent and the Grenadines and is not regulated. It has to license to provide the services it offers.
This broker says that it has been established nine years ago, but it is a lie, it is only one year old.
But the most important information about Inovestments is that despite being located in the UK it is not regulated. This is the reason why it was blacklisted by the FCA.
TradeLTD is obviously a scam broker, because it is displaying on its website fake reviews with stock photos.
The broker is based in Estonia, it is not regulated and despite this it is offering its service in the UK among other countries. This is why the FCA has warned the public about it.
FXonspot, LincolnFX, YorkCG, Inovestments and TradeLTD are brokers that are breaking the laws, because they are offering investment services without being authorized to do so. This is why they are on the blacklist of the British regulator FCA.
For investing and trading you should always use regulated brokers. We recommend starting on a demo account to learn trading with virtual money, only then you can consider investing for real.