The UK’s Financial Conduct Authority (FCA) has issued warnings against Alliance Capital and Investteck 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.

Alliance Capital is a Forex broker that offers 500+ financial instruments and claims to provide affordable and reliable access to global financial markets. The company is owned and operated by Waltika Partners LTD., registered in St.Vincent and the Grenadines. Besides an offshore location, there is an even bigger danger hides behind the brand's name. 

It tuned out the Alliance Capital is not more than just a clone of the FCA-regulated brokerage Capital Alliance Partners Limited. According to the UK regulator, the clone firm is trying to convince its potential clients that they work for a genuine, authorized firm by giving out false contact details.

As to the Investteck, it is owned and operated by GreenRiver OU, with a registered address in Tallinn, Estonia. GreenRiver OU operates some other brokers that we have previously reviewed (GCC Investing, Jones Mutual) and has been blacklisted by several regulators in Europe. Obviously, all the brokers associated with the GreenRiver OU should be avoided. You can read our full Investteck review. 

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

You can share your trading experience with Alliance Capital and Investteck by commenting on this post.