Austria’s FMA warns of BECFD forex broker
Austria’s financial markets and services regulator FMA has warned that Forex broker BECFD is not licensed to carry out banking operations in the country. In essence, this means the company cannot operate in Austria. The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers. BECFD offers Forex and CFD trading options and operates through the website www.becfd.com. The company is owned and operated by BECFD Limited registered in the Marshall Islands, which means it is an offshore entity and there is a high risk for the customers of losing their investments when dealing with this firm. Although the location of the BECFD is not provided on the website, it mentions different contact numbers in the United Kingdom and Austria. The company is not licensed in any of these countries, and there is no regulatory body that monitors its activity to ensure it sticks to best practices. The first thing the potential investor should do when he is choosing a trading company is to determine if it is a legitimate broker or a scam broker. It is very easy to do. You just need to check if the broker is licensed by CySec in Cyprus, or it is under the regulation of the MIFId in the European Union (EU), or it is registered with the UK’s FCA or Australian ASIC. You can read our review on this broker here.