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Author Topic: List of brokers to avoid as a newbie;  (Read 836 times)

Offline Eliza Abrams

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Re: List of brokers to avoid as a newbie;
« Reply #15 on: March 19, 2017, 12:26:47 PM »
The UK Financial Conduct Authority (FCA) alerted forex brokerage FX Jupiter  is a clone firm of an entity authorized by the watchdog.
 The entity pretends to be associated with authorized companies Jupiter Asset Management Ltd., Jupiter Unit Trust Managers Ltd., Jupiter Fund Management plc and Jupiter Investment Management Group Ltd., which are registered in England and Wales. However, the clone is not related to any of the genuine entities.

Offline Anton Devcich

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Re: List of brokers to avoid as a newbie;
« Reply #16 on: March 19, 2017, 04:06:05 PM »
For the traders who are particularly newcomers choosing a right broker is more difficult task, because lots of trading brokers in retail market place and most of them are found to be scams.  We have to avoid the broker which is not regulated and restrict any kinds of trading techniques with scalping and hedging.

Offline Paul.Trafford

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Re: List of brokers to avoid as a newbie;
« Reply #17 on: March 20, 2017, 10:40:27 AM »
The UK Financial Conduct Authority (FCA) alerted forex brokerage FX Jupiter  is a clone firm of an entity authorized by the watchdog.
 The entity pretends to be associated with authorized companies Jupiter Asset Management Ltd., Jupiter Unit Trust Managers Ltd., Jupiter Fund Management plc and Jupiter Investment Management Group Ltd., which are registered in England and Wales. However, the clone is not related to any of the genuine entities.

Thank you for sharing this Eliza ! Here is the office news from FCA themselves - https://www.fca.org.uk/news/warnings/fx-jupiter-clone-firm . I also manage to catch the news on leaprate - http://www.leaprate.com/financial-services/rules-and-regulation/fca-warns-against-chinese-forex-clone-scam-website-fx-jupiter/ . It is good to update each other, regarding scam brokers (proven of course). Maybe have a special topic, regarding scam brokers, I dont know just thinking out loud here. What do you think Donna ? ( Or maybe there is such topic, that I have missed ? )

Offline drunkfx

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Re: List of brokers to avoid as a newbie;
« Reply #18 on: March 20, 2017, 05:56:16 PM »
I wonder Is it possible to arrange legal pursuit against them? Or they can operate freely without fear a punishment can reach them once?

Offline Paul.Trafford

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Re: List of brokers to avoid as a newbie;
« Reply #19 on: March 21, 2017, 09:38:13 AM »
I wonder Is it possible to arrange legal pursuit against them? Or they can operate freely without fear a punishment can reach them once?

It depends if they can reach them, what this means is , if legal authorities can find them it is quite possible to prosecute them. But the main problem with fake brokers and companies is that, they have fake addresses fake faces, so it is very hard to get to them.

 

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