The UK’s Financial Conduct Authority (FCA) has issued warnings against Fun Managers and ProCapitalMarkets 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?

Fun Managers is a broker that offers trading foreign exchange, precious metals, energy and international indices. FunManagers is owned and operated by FUN MANAGERS. According to the website, Fun Managers is regulated by NFA under license No. 0524539. However, there is no such license registered with the National Futures Association. The company also claims to be located in London, UK without being licensed by its local Financial Conduct Authority. Also, there is literally no information and no reviews can be found on this broker online (probably it is a newly created company). 

ProCapitalMarkets claims to be one of the fastest growing online Forex trading brands. However, we have some doubts about its reliability. The broker is owned and operated by Pro-CM LTD. Those brokers registered offshore are not considered as reliable ones, because they are basically are not overseen by any authority. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines. Also, they provide a UK contact phone number, however, this company is not regulated in the UK. 

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 Fun Managers and ProCapitalMarkets by commenting on this post.