The FCA has issued a warning against Bulgarian FX Broker Littinvest
One of the latest warnings of the UK’s Financial Conduct Authority was issued against Littinvest broker (https://www.littinvest.com/). This company has been targeting UK customers and offering financial products without authorization. The FCA always cautioned traders and investors against dealing with companies that have no license and are not authorized.
Littinvest is unauthorized Forex broker that was established in April 2017. It officially owned by Media Guru Group Ltd. based in Sofia, Bulgaria. The company offers trading CFDs, Currency Pairs, Bitcoin, Individual Stocks, Commodities and Market Indexes.
The FCA pointed out that the broker was flagged for providing trading options for unlicensed foreign exchange products and CFDs. Also the International Financial Services Commission of Belize has issued a warning against this broker.
The Financial Conduct Authority has been warning the public about the growing number of the unregulated companies that try to reach out UK customers. Their recent reports show that investors have lost huge amounts to fraudulent brokers.
The UK’s FCA is one of the most reputable regulators, which applies tough standards and rules to the brokers registered with it. The two most important rules are the security of the funds and the finance compensation scheme. The regulator operates as an insurance company, protecting clients in case of the bankruptcy of the broker.