UK’s FCA has issued a warning against ISGXchange broker
UK’s financial markets and service providers regulator FCA (Financial Conduct Authority) has added one more forex broker to its warning list of unauthorised companies. This time it is ISGXchange broker. FCA doesn’t usually provide a lot of information about the blacklisted company, except that it claims to be located in United Kingdom and offers its services to the UK residents, but doesn’t appear to be licensed by the regulator, as it is required.
ISGXchange operates on the isgxchange.com and offers customers trading with Forex assets. The firm claims to have two offices as there are two addresses provided on the website: London, United Kingdom and Copenhagen, Denmark. However, the broker is not authorized with either UK’s FCA or Danish Financial Supervisory Authority. Without proper authorization, there is no way for regulators to protect investors from fraudulent activity, due to a lack of monitoring by any governing body to ensure that proper practices are being adhered to by the companies. The company is previously known as IG Options Exchange and was providing binary options trading to the customers, but was blacklisted by the main regulators. Also the clients of the company keep on leaving negative reviews on the web about aggressive and arrogant employees who refuse to release their money, when clients request it. All the warnings from the regulators are meant to protect the public from fraudulent unlawful financial activity. They proceed to tell investors to avoid dealing or investing with unregulated entities and to refrain from transferring funds to the them. You can read our review on this broker here.