FCA has issued a warning against forex broker SolidCFD
According to the latest warning of the UK’s Financial Conduct Authority (FCA), the CFD and forex broker SolidCFD was blacklisted as it is not licensed or authorised by the regulator, although was targeting the UK customers.
SolidCFD is the CFD and forex broker owned by LOK marketing Ltd., and its website provides two addresses of the offices, in Cyprus and in London. Although, the terms and conditions of the company states that the address of the LOK marketing Ltd. is in Vanuatu. Usually the companies that operate in the offshore areas (such as Republic of Vanuatu) are not licensed nor regulated and considered to be frauds.
There are numerous negative reviews on the different website and forums about the mentioned above broker. Those who invested their money report that they are unable to take the money back and the employees of the company simply ignore all their withdrawal requests.
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.