FCA has issued a warning against Forex broker Tradepro Capitals
The UK’s Financial Conduct Authority has updated its warning list with Tradepro Capitals – a company that is not authorised by the regulator and is targeting people in the UK. Based upon information the FCA holds, Tradepro Capitals is carrying on regulated activities which require authorisation.
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.
Tradepro Capitals provides you with high-end trading instruments, such as 62 currency pairs & Crude Oil and a wide range of stock indices. The company is owned and operated by Tradepro Capital Markets Limited, based in St. Vincent and the Grenadine. This is a jurisdiction where Forex license is not required. Moreover, local authority doesn’t issue forex licenses, which means that the broker is most probably a fraud.
Also, Tradepro Capitals claims to be based in London, the UK, however, it is not regulated by the UK’s FCA. We have also found a bunch of negative review about this broker, where people state the firm refuses their withdrawals and doesn’t return their messages.
Considering all the above, we don’t recommend this broker due to the lack of financial regulation and the warning from the authorities. All brokers licensed by the UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS), which can pay up to £50,000 per client. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. You can read our review on this broker here.