The financial markets and services providers regulator of Switzerland – FINMA – has warned of unregulated offshore forex broker - Xmarkets.
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland. FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location but are not Swiss-regulated.

Xmarkets operates through the website www.xmarkets.com and offers forex trading. The company is owned and operated by Celestial Trading Ltd, Seychelles-based entity. The broker also uses the service of the UK-based payment provider Celtic Pay Ltd. As to the Celestial Trading Ltd, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Seychelles, where local authority doesn’t regulate forex businesses. In addition, Xmarkets have also been blacklisted by the Financial Conduct Authority in the UK.
There are many negative reviews about the broker can be found online. People tell about the unacceptable experience they had with Xmarkets, pointing out the fraudulent activities of the company with tricking and taking client's money without giving a possibility to withdraw it later.
When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk. It is better to avoid dealing with offshore brokerages and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or FINMA. You can read our review on this broker here.

The financial markets and services providers regulator of Switzerland – FINMA – has warned of unregulated forex broker – 69Brokers.

The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland. FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location but are not Swiss-regulated.

According to the broker's website, 69Brokers.com is a global software company which develops and successfully operates a leading online trading platform. The company provides trading with Forex, Indices, Commodities, Shares and Crypto. 69Brokers doesn't disclose the company behind the brand's name. It claims to have offices in Birmingham, UK and Zurich, Switzerland. They also provide a regulative registration number: 248/16, that probably should mean the company is regulated by Swiss FINMA, however, this information is false and the broker is not authorized to provide its financial services in Switzerland or any other country.

The negative comments about the 69Brokers on the net also reveal that those who invested are having hard times with withdrawing their money, while the company representatives are cold calling them promising high returns.

When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk. It is better to avoid dealing with unregulated and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or FINMA. You can read our review on this broker here.

Spain’s financial markets regulator, CNMV, has warned of Forex broker KayaFX. According to the official notice on CNMV’s website, this entity is not registered in the corresponding registry of the commission and, therefore, are not authorized to provide investment services.

The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.

KayaFX is an offshore Forex and CFD broker. The company is owned and operated by AlphaTec LTD, Leeds, England. According to the terms and conditions, there is also another company behind the brand's name, Hermes Solution DOO, based in Montenegro and responsible for the clearing and billing services. However, none of the mentioned companies aren't regulated to provide financial services.

The broker has previously been blacklisted by the UK's regulator Financial Conduct Authority for targeting UK residents without being authorized in the country.

We have also found a lot of negative reviews from the traders. Some of them cannot withdraw their funds and profits, others haven’t heard from broker since their first deposit. It seems that KayaFX is just one more unregulated company trying to deceive customers.

Generally, we always advise traders to avoid dealing with unregulated forex brokers, as most of them are involved in investment scams. There are a number of properly licensed brokers to choose from, like the ones regulated by the FCA or the Australian Securities and Investment Commission. You can read our review on this broker here.

The Cyprus Securities and Exchange Commission informs the clients of AFX Capital Markets Ltd of the investigation against AFX and the procedure for the submission of complaints against AFX. The company operates brokers under the trading names STO, ICEFX UK and Quantic Prime. All these websites are currently not accessible. 

We have previously informed our readers that CySEC has suspended the CIF license of AFX Capital Markets Ltd. Also, after ceasing all broker's trading activities, the Financial Conduct Authority has put AFX Markets into administration. 

As per the announcement dated 19.07.2019, CySEC has decided to completely suspend AFX’s authorisation, as there are suspicions of an alleged violation to the AFX’s possible non-compliance with the authorisation condition, regarding the protection of the clients’ funds. CySEC is currently conducting an investigation of the above alleged violation, which is expected to be completed in due time. 

The procedure for the submission of a complaint against a Cyprus Investment Firm is available on CySEC’s website. A Unique Reference Number is usually required in order to file a complaint with the FO, which AFX is unable to provide. CySEC and the FO office have established an exemption to the normal procedure to ensure that clients of AFX are able to submit their complaints without a URN. 

Further to the above, CySEC urges the clients of AFX to remain updated on the status of AFX and any developments, by frequently monitoring CySEC’s website. 

The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. It supervises and controls the operation of the Cyprus Stock Exchange, grants operation licenses to investment firms, including investment consultants, brokerage firms, and brokers, impose administrative sanctions and disciplinary penalties. You can read the detailed article about the Cyprus Securities and Exchange Commission here.

The Cyprus Securities and Exchange Commission (Check out CySEC regulated brokers) has announced the suspension of the authorization of the Cyprus Investment Firm MPS Marketplace Securities Ltd in whole. The company has previously been known as SpotOption Exchange Ltd and S.O. Spotoption Ltd.

According to the official notice, the above decision was reached as the aforementioned alleged violation may cause concern and risk relating to the protection of the company’s clients and constitute a threat to the orderly operation and integrity of the market.

MPS Marketplace Securities was given 15 days to take actions in order to comply with the aforementioned provisions. 

During this suspension period the company is not permitted to provide/carry out investment services/activities as well as enter into any business transaction with any person and accept any new client. It is also not allowed to advertise itself as a provider of investment services.

Also, the company, provided this is consistent with the wishes of its existing clients, may proceed with the following actions: complete all its own transactions and those of its clients which are before it, in accordance with client instructions and return all funds and financial instruments which are attributable to its clients.

Spain’s financial markets regulator, CNMV, has warned of Forex broker UproFx. According to the official notice on CNMV’s website, this entity is not registered in the corresponding registry of the commission and, therefore, are not authorized to provide investment services.

The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry, and Competitiveness.

UproFX is a Forex and CFDs brokerage. According to the website, UproFx is owned by Yield Enterprise Currency Software OÜ (company number: 14484668), Tallinn, Estonia and operated from Riga, Latvia. The government of Estonia allows forex trading within the country for those brokers authorized by the local regulator Financial Supervision Authority. However, we didn't find any mention of UproFX or  Yield Enterprise Currency Software OÜ in regulator's register.

To add up, we have found numerous negative reviews from UproFX customers on the net. People state that they cannot get their money back and the company refuses to provide any kind of help.

When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence. Trading with a licensed broker ensures you will not have issues withdrawing your investment. The most trustworthy brokers are those registered with such regulators as FCA in the United Kingdom and ASIC in Australia. You can read our review on this broker here.

Spain’s financial markets and services regulator CNMV has issued warnings against two forex brokers WiseFunds and Just Perfect Markets. According to the public warning notices, these entities are not authorized to provide investment services or investment advice and auxiliary services, including foreign currency transactions in Spain.

The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry, and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.

Are these brokers legit? 

WiseFunds is a broker that offers Crypto, CFDs and Forex trading. The broker doesn't disclose the company behind the brand's name as well as its regulatory information. The terms and conditions on the website state that WiseFunds is under the jurisdiction of Bulgarian and UK Governing laws. There is also no information about the broker's location or contact details. The map in the "Contact us" section shows London as a location, so we assume that's where the company's office is supposed to be. However, WiseFunds is NOT listed as a regulated entity in any of the regulatory registers. 

Just Perfect Markets offers Forex, commodities, indexes, CFDs and leveraged financial instruments. It is owned and operated by Just Perfect Markets Limited and incorporated in St. Vincent & the Grenadines as a Business Company. St. Vincent and the Grenadines 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 4xincome, Monfex and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

Generally, we always advise traders to avoid dealing with unregulated offshore forex brokers, as they may be involved in investment scams. There are a number of properly Regulated Brokers to choose from on our website.

You can share your WiseFunds and Just Perfect Markets experience with us by commenting on this post.