Broker Yard Review
Reason to avoid: Offshore License
Listed Date: November 15, 2018
Top 3 Regulated Forex Brokers
Beware Broker Yard is a Non-Licensed Broker. It is NOT SAFE to trade.
- Company name:
Techofin Ltd. BrokerYard
- Registration Address/ License:
- No License, No Regulation.
BrokerYard is a trading provider with the opportunity to trade on the FOREX and CFD markets through a dedicated platform. The company claims their location in the UK, however, there is no any license or registration of the broker appears. Therefore, the broker operates illegally, due to the fact that almost every financial service company and trading service provider should obtain an FCA (Financial Conduct Authority) license in order to offer their service to UK residents and beyond.
An FCA authorization, first of all, confirms that the company is sustainable and conducted according to strict capital requirements along to the applied customer protection rules. Thus, the FCA regulated broker maintains a sufficient level of safety in order to offer a quality product to the potential clients and perform smooth trading itself.
As all mentioned is not the case of BrokerYard, due to their non-regulated establish, we do not advise trading with them. Moreover, the firm received a warning from the authorities, which is also should be strongly considered. Generally, trading with non-regulated or offshore firms increases chances to lose funds due to some unknown circumstances and unfortunately, no one will be able to protect the client’s interests further.
“Established that, from the information available, people operating in name of “Broker Yard” have contacted Italian investors by telephone in order to persuade them to open an account and carry out trading transactions on the said website. Moreover, some complainants have received emails containing operational instructions and that the provision of investment services and activities is reserved to authorized entities only. Hereby CONSON resolves to cease the infringements of the provision of the Broker Yard services.”