The Financial Conduct Authority from the UK has blacklisted five more unregulated brokers. We review them in this article.
Platinum CFD, also known as Platin CFD, is a broker that offer trading with various assets such as currency pairs, commodities and stocks. All is done through contracts for difference (CFD).
There are five different accounts you can use for trading, the minimum deposit is 1500 USD. Every account allegedly will receive not only deposit bonuses (10 – 30 %) but also an interest rate from 1.6 to 4.4%.
Platinum CFD is based in Saint Vincent and the Grenadines but it also claims to have offices in the UK. And this is a major problem, because Platin CFD is not authorized in Britain nor nowhere else to offer investment services, it is completely unregulated.
Trade100 FM is a broker that offer trading with currencies, indices, stocks, commodities and futures. It has three types of accounts: Basic, Gold and Platinum. The minimum deposit amount for each of them remains unknown at press time.
Trade100fm is based in the Marshall Islands and is not regulated. It is therefore not authorized to provide investment services not only in the UK, but also in the vast majority of other countries in the world.
FXFinest is a Forex broker that will let you trade not only currency pairs, but also stocks, commodities and even cryptocurrencies such as bitcoin. The minimum deposit is 500 US dollars for the Standard account. Higher accounts like Silver, Gold and Platinum are tied to unspecified bonuses.
FXFinest doesn’t look legitimate already because it provides no real contact information, there is no physical address on its website, only an e-mail address and a UK phone number.
The problem is that FX Finest has no authorization from the FCA to provide investment services, it is an unregulated broker. This is why it was put on the blacklist.
Sti Global will let you speculate on price movements of currencies, cryptocurrencies, stocks and commodities. For this you will need at least $500 as the minimum deposits. With higher accounts it is $1000 and $5000 respectively.
The broker says that deposits are insured but it is not true. It’s because Sti Global is an anonymous broker with no address, it is not regulated. Clients and their money are therefore not protected with Sti Global, because it is not authorized to provide investment services.
OMC Markets has in its offering more than 200 underlying assets like stocks, currencies and commodities. People can trade them with six different types accounts with minimum deposits starting at 500 USD and ending at 100 thousand USD. Each account type is entitled to deposits bonuses of at least 30 percent.
OMC Markets is run by a company called Personal Found from Bulgaria. But the company has no license to provide investment services. OMC is an unregulated broker, and this is why the FCA has warned against it.
In this review we looked at Platinum CFD, Trade100.fm, FXfinest, Sti Global and OMC Broker, which are unregulated brokers that the Financial Conduct Authority has warned against. Stay away from them.
For trading we recommend using only regulated brokers.