The FCA Adds Forex24 Market to Warning List

Recently, BrokersView learned that Forex24 Market is offering investment services without any license. The fraudulent broker was also warned by the FCA, one of the most reputable regulatory watchdogs for regulating forex brokers.

Confusing Corporate Information

The entity contains various false and misleading statements. Examples are attached below:

· supporting traders from over 127 countries

· With over $54,000,000 trading volume per month

· With over 845,000 registered accounts

· With over 25,000,000 trades executed per year

According to the firm's point of view, the broker seems to be reliable and reputable with these magnificent figures and data. However, evidence tells that's totally untrue. We found the company was created in December 2021.

So how could it reach these figures in about 3 months? Thus, there is the highest possible level of caution for you when dealing with Forex24 Market.

False Licenses and Regulation

Besides the fact that the company offers various confusing corporate information, there is the issue of licensing and regulation–Forex24 Market is using false licenses and regulation.

If we go by the information on its home page, then the company is showing that it is registered and regulated:

· CySEC(EU) under license No.199/15

· BaFin under registration No.HRB 169734B

· FSC under license No.C116017181

· FSA under license No.SD057

However, searching with the fraud claimed information on the above financial regulators' page, we found no results. 

UK FCA Adds Forex24 Market to Warning List

What's more, the company was recently added to the FCA's warning list. On 9 March 2022, the UK's financial watchdog added Forex24 Market to its alert list, saying that this firm is not authorised by it and is targeting people in the UK.

After going through all the details and doing our own investigation on Forex24 Market, we conclude that the entity is most probably a scam. 

To make sure you are dealing with a regulated broker, BrokersView suggests you find easily the broker's regulatory information before you are going to deal with it.

Contact us at service@brokersview.com if you want to share your trading story.