Reason to avoid: Offshore license
Listed Date: June 14, 2018
Top 3 Regulated Forex Brokers
Beware MarketGBP is a Non-Regulated broker. It is NOT SAFE to trade.
Is MarketGBP a scam or legit broker?
No, it is not safe to trade with MarketGBP. MarketGBP is owned by Silver Wolf Ltd., which is an offshore company registered in the Marshall Islands.
The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Dax300, Finbitex and more.
MarketGBP offers Forex, Indices, Commodities and Precious Metals trading. The broker doesn’t provide any information about its offices or its regulation. They provide a UK phone number as a contact number, however, the company is not regulated by the UK’s Financial Conduct Authority. Most probably, MarketGBP has been targeting British residents and as a result, has gotten in FCA‘s warning list in January 2019:
“MarketGBP is not authorised by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorisation.”
Also, earlier, Italy’s regulator CONSOB has warned Italian public against MarketGBP:
“The National Commission for Companies and the Stock Exchange has ordered the following company (MarketGBP) to cease infringement consisting of the offer and performance of investment services and activities to the Italian public.”
In addition, we have previously reviewed companies (FXtrade777, TradeBNP) affiliated with Silver Wolf Limited that has been warned against by several regulators, which doesn’t look trustworthy at all.
We strongly advise all investors and traders to avoid MarketGBP and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as City Index and eToro.