FCA warns of 15 unregistered firms, including FX and Crypto brokers

Rick Steves

The FCA has decided to put out a warning to consumers regarding several websites this week.

The UK Financial Conduct Authority has warned of 15 unregistered firms providing financial services or products in the UK without the financial watchdog’s authorization.

Among them is USG FX, which we reported earlier that its FCA license was canceled on December 16, 2022, as the FX and CFD broker faces severe headwinds globally, with the ASIC-regulated entity having declared bankruptcy last year.

Some may be FX and Crypto scams

The 14 other websites are unauthorised firms, some of them possibly FX and Crypto scams, based on easily spotted features that are usually found in fraudulent schemes.

The FCA has decided to put out a warning to consumers regarding several websites this week, including:

  • https://tradeglobfx.com/
  • https://www.tophoodfxtrade-247.com/
  • https://www.exorfxstrade.com/
  • https://fx-capital.co.uk/

The UK regulator reminded consumers that almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by the FCA.

If UK residents decide to use these firms’ services, they will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so they are unlikely to get their money back if things go wrong.

“Be aware that some firms may give out other details or change their contact details over time to new email addresses, telephone numbers or physical addresses”, the regulator stated and explained how to protect oneself.

“Dealing with financial firms that are authorised or registered by us gives you greater protection if things go wrong. Check the Financial Services (FS) Register to ensure they are authorised or registered. It has information on firms and individuals that are, or have been, regulated by us.

“If you used an authorised firm or registered firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making, the service the firm is providing, and the permissions the firm has. If you would like further information about protection, the authorised or registered firm should be able to help. “If a firm does not appear on the FS Register but claims it does, contact our Consumer Helpline on 0800 111 6768.”

The FCA also advised consumers to contact the helpline if they have been approached by an unauthorised or scam firm.

Read this next

Digital Assets

Alameda sues Voyager Digital to recover $445 million

FTX’s failed trading arm, Alameda Research, asked a court to claw back $445 million from Voyager Digital, which it said SBF’s empire paid to the crypto lender before collapsing into bankruptcy.

Metaverse Gaming NFT

Toyota taps Astar Network to explore Web3 in grand style

Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is seemingly bullish about the space and continue to look at Web3 as a promising opportunity.

Digital Assets

Bitcoin dominates inflows into crypto funds, AuM hits $28B

As the price of bitcoin continues to consolidate around recent highs, investors expand their positions in funds designed to profit from further appreciation in the cryptocurrency.

Institutional FX

Fiserv secures major payment institution licence in Singapore

Brookfield-based financial services technology provider Fiserv Inc has obtained nod for a Major Payment Institution license in Singapore.

Institutional FX

Finalto expands NDFs line-up with Taiwanese dollar

Finalto announced today that it has expanded its non-deliverable forwards (NDFs) offering with the addition of Taiwan’s dollar to its trading platform.


It’s time for FX to Harness Crypto’s Potential

Jonathan Cumberlidge, FX Sales Director for BVNK, makes the case for cryptocurrencies in improving the efficiency and flexibility of foreign exchange trading.

Digital Assets

Owner of OptionMint, OptionKing, and OptionQueen gets 30 months in prison

A US federal judge has sentenced Ohio resident Jared Davis, who was found guilty for his participation in a multi-million fraud scheme carried out by Israeli-run binary options websites.

Executive Moves

iS Prime co-founders Raj Sitlani and Jonathan Brewer leave, but “business as usual”

“For our clients and teams at iS Prime, iS Risk and iS Prime Hong Kong, it is business as usual. We will be increasing our investment in our technology and staff, putting our clients first as we drive the business forwards to maintain our market leadership position.”

Digital Assets

Germany-focused DekaBank taps METACO for digital asset custody offering

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”