The FCA warns against AGMarket and Kodimax brokers

January 23, 2020 at 06:53 PM
FCA Regulator

The UK’s Financial Conduct Authority (FCA) has issued warnings against AGMarket and Kodimax. 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?

AGMarket is a Forex broker, owned and operated by Lotens Partners LTD, based in St. Vincent and the Grenadines.  The broker doesn’t provide any regulatory information, which only proves it is NOT regulated offshore broker that we would advise to avoid. Also, despite its offshore location, the contact number provided on the website has Swiss country code. It seems like AGMarket has been trying to target Swiss residents. 

Kodimax offers its clients trading with forex, CFDs on indices, commodities, stocks and cryptocurrencies. The broker doesn’t disclose the company behind the brand’s name as well as doesn’t provide any information about its regulation/authorization. The terms and conditions on the website state that Kodimax is regulated by the Czech Republic law. However, it turned out Kodimax is not regulated in Czech Republic or any other country. 

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 AGMarket and Kodimax by commenting on this post.

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