Economy
Forex Scammer List In The UK: Traders Union Tips To Protect Your Trading
The UK is among the first countries to regulate brokers and their relationships with traders. Having a license from the local FCA regulator is prestigious. It ensures that a broker follows international laws and takes responsibility for any breaches. Traders Union (TU) experts will help you identify trustworthy partners and provide a list of fake Forex brokers in the UK to help you spot scams easily.
Identifying fraudulent Forex brokers in the UK
In this comprehensive analysis, TU’s analysts have uncovered critical warning signs that traders should be aware of when investing in Forex trading. They have scrutinized several brokerage firms, revealing common characteristics shared by fraudulent entities. By recognizing these red flags, traders can safeguard their investments and avoid brokers on the Forex scammer list.
1. Lucror Capital Markets
New Zealand-based company faces significant problems related to both trading and payment processes. Traders report a lack of decent client service, frequent technical failures, and misleading trading advice. These issues indicate a significant lack of professionalism and reliability.
2. Zenfinex
Initially, FCA was licensed in 2017 but now blacklisted. It has a troubling history, with complaints about the use of fake quotes, payment problems, absence of legal protection, and inadequate client support. These issues are a clear warning sign for potential traders.
3. Europa Trade Capital
Offshore broker has a negative online reputation and is blacklisted by the FCA due to complaints and non-compliance with trading and payment standards. Traders have reported manipulative practices, withdrawal refusals, and unauthorized changes to policies, suggesting a lack of integrity.
4. Brown Finance
Despite its claims, it lacks a license, which raises questions about its legitimacy. Traders have experienced execution issues, high entry barriers, and the provision of trading advice while denying financial responsibility. This mix of issues can be concerning for potential investors.
5. Saxofx-24
While promising excellent client support, transparent trading conditions, and low entry requirements, it has faced issues such as blocked accounts, unrealistic bonus conditions, and questionable practices like manipulating quotes. The absence of proper regulatory oversight adds to the concerns surrounding this broker.
A guide to ensuring Forex broker legitimacy
The global Forex market is not just a place for traders but also for scammers looking to steal your money. These scammers often use enticing promises of huge profits, trading assistance, and favorable conditions to lure unsuspecting investors.
To protect your money and find a trustworthy financial partner, it’s crucial to conduct a thorough analysis and assess all potential risks before registering with a broker. Here are key factors to consider, as advised by analysts at Traders Union:
- Verify regulatory information: ensure that the broker you’re interested in operates legally in your country. This provides assurance that they will offer services in an honest way and be accountable for any unlawful activities. Reputable brokers may hold licenses from respected regulatory authorities like FCA, ASIC, or BaFin.
- Check the regulatory authority’s database: confirm the broker’s license by visiting the regulatory authority’s website. You can search by the license number or company name to verify their regulatory status.
- Explore the broker’s website: a reputable broker’s website should provide essential information, including their project’s plans, legal documentation, risk disclosures, contact details, payment methods, and multiple client support channels like phone, live chat, and social media.
- Avoid profit guarantees: be cautious if a broker promises guaranteed profits or massive earnings without specialized knowledge. Brokers can’t guarantee profits; they act as intermediaries between traders and the Forex market.
- Read client reviews: real client reviews offer valuable insights into a broker’s credibility. If a broker has numerous negative reviews citing issues like extortion, manipulation of trading, withdrawal problems, or failure to meet obligations, it’s best to steer clear.
Conclusion
The United Kingdom stands as a leader in regulating brokers and ensuring their accountability to traders. Holding a license from the FCA, the local regulatory authority, is a mark of prestige, signifying a broker’s commitment to international laws and accountability for any violations. Experts at TU can help you identify reliable partners.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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