The UK’s Financial Conduct Authority (FCA) has issued warnings against RIMarkets and CFreserve brokers. The regulator said the brokers have been providing financial services and products targeting people in the UK without being licensed.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.

Are these brokers legit?

RIMarkets is an online trading broker that provides access to the assets such as Forex, commodities, precious metals and stock indices. The broker is operated by Fcorp Solutions Ltd., incorporated in Marshall Islands. There is no information about the company's license/authorization can be found on the website. No license and offshore registration is definitely NOT the best option when it comes to Forex trading and investing.

CFreserve is a Forex broker that gives an opportunity to trade over 72 asset classes with instant access Forex, Metals, Commodities Gold, Silver and CFDs. The broker is owned and operated by Imperial App Limited, incorporated in Sofia, Bulgaria. However, this company is not listed in the register of the Bulgarian Financial Supervision Commission. This means CFreserve is NOT regulated and has no legal rights to provide financial services. You can read our full CFreserve review here. 

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and FXTM.

You can share your trading experience with RIMarkets and CFreserve by commenting on this post.