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I've just started to trade with Softech Trades but I just heard they had got a warning. Is that true????
Yonnie
Gambia
2023-07-05
ANSWER Softech Trades is an unlicensed broker that we advise against trading with, despite the seemingly attractive deals it offers.Softech Trades claims to be operated by EUROPEAN MARKETS LTD, a company supposedly regulated by FINMSA with Reference Number 06609370. However, there is no recognized body called FINMSA, casting doubts on this broker's authenticity and legitimacy. This broker displays a UK address to increase its credibility. As per UK law, almost all market participants are required to be authorized and regulated by the Financial Conduct Authority (FCA) if they offer financial services or products in the UK. We hence conducted a search on the FCA register. While we did find a company named "European Markets Limited", records show it has no association with Softech Trades. As such, Softech Trades is not supervised by any relevant regulatory body.Furthermore, the Italian Companies and Exchange Commission (CONSOB) has ordered the black-out of Softech Trades' website because it offers financial services illegally. You can access the full warning here.Regarding your question, Softech Trades has indeed received a warning from a recognized financial watchdog for illegally providing investment services. It is an unlicensed broker with significant risks including financial losses and identity theft, as there are no rules in place to safeguard investors' interests. Therefore, we strongly suggest investors stay away from unlicensed brokers like Softech Trades and instead choose a fully regulated one to mitigate such risks.
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