FCA Alert: Beware of the Unlicensed Broker Fortexo

Many forex scams rely on offering good trading conditions to appear victims' eyes in order to pull off the scam. The most common ways simply involves claiming global regulation and market-leading services. However, when you search its claimed regulation information on the Internet, you would find that's totally untrue. Moreover, it is more usual for you to learn a reality: the fraud has no regulation and was warned by global financial regulator before.

Recently, BrokersView learned that the forex broker Fortexo is one of the above scammers.

False Registration Information

Viewing its official website, we found that Fortexo is a brand owned by FLAB GROUP LTD from the Saint Vincent and the Grenadines(SVG) and claims to be registered with SVG Financial Services Authority (FSA) under the regulation number#25375 BC 2021. After searching with the registration number on the SVG FSA, we found that there is no mentioning of Fortexo company there. Besides, even if the entity is registered on SVG FSA, it is a common sense for all traders to know: SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in FX related activities. Therefore, it is most likely that this particular broker - Fortexo is a scam.

UK FCA Remarks Fortexo as a Scam

Taking a look at Fortexo's website, it shows that it does not fall under any regulating agency. That is a MAJOR RED FLAG. Besides, based on the information we hold, the firm has already been remarked as a scam by UK financial authority FCA recently.

On 6th October 2021, FCA released a notification that Fortexo has not been authorized to carry out investment services and activities in UK as a result of lacking the watchdog's authorization. In other words, Fortexo is an unregulated forex broker. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker. 

To make sure you are dealing with a regulated broker, BrokersView suggests you find easily the broker's regulation information before you are going to deal with it. Lack of information is a big red flag since you don't know who will be dealing with your money.

We welcome you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.