Brokers Alpari and FXTM Bid Adieu to the Financial Commission, Insider Finance Feeds Reports!
In a noteworthy development within the financial brokerage industry, the notorious offshore broker Alpari and former CySEC-regulated ForexTime (FXTM), not less notorious, have officially withdrawn their membership from the Financial Commission. This decision underscores a broader trend among forex brokers reassessing their market focus and priorities.
Unveiling the Divergent Opinions on Offshore Broker Octa: FinTelegram vs. Traders Union.
In the murky online brokerage world, the Octa (previously OctaFX) assessment by FinTelegram and Traders Union presents a starkly contrasting narrative. Is the offshore broker Octa a reputable and reliable platform for global traders or a cautionary tale for those navigating the complexities of regulatory compliance? The differing viewpoints of FinTelegram and Traders Union raise provocative questions about the right approach to evaluating online brokers.
Updated Review: Rebranded Offshore Broker Octa With Impressive Growth And Red Listing Confirmation!
In March 2023, we published our latest update on the Octa (previously OctaFX) broker scheme and reported a CNMV warning. CySEC regulates Octa Markets Cyprus Ltd with license number 372/18. Like many other CySEC-regulated brokers, Octa runs an offshore scheme via Octa Markets Incorporated. The offshore scheme deploys different domains to solicit clients over regulatory regimes. Octa showed impressive growth over the last 12 months.
Breaking: Red-Listed Brokers ForexTime and FTXM Ceased Operation And Renounced CySEC License!
The broker schemes Alpari and ForexTime (FXTM), founded by Russian entrepreneur Andrey Dashin, have been subject to recent developments, casting doubt on their regulatory standing. FinTelegram has placed these brokers on its Red Compliance List. In the meantime, ForexTime and FXTM have ceased operations and voluntarily surrendered their CySEC license. The Alpari situation seems to be unclear.
Fortrade Faces License Revocation in Belarus Amid Shifting Forex Landscape!
Multi-asset broker Fortrade, headquartered in London, recently faced the revocation of its authorization in the Republic of Belarus, marking the end of a licensing period that lasted for five and a half years. The regulatory registry in Belarus reported the withdrawal of Fortrade's authorization, with no details given. As reported by FinTelegram Fortrade, it transferred its Belarus business to Mauritius after the Russian invasion of Ukraine.
NordFX Update: The Broker Is Now Registered In St. Lucia!
FinTelegram included the offshore broker NordFX in its REd Compliance list as it is operating without authorization. The broker uses a formerly CySEC-regulated entity acting as a payment agent. NordFX has informed us that the operator, NFX Capital VU Ltd, is no longer registered in Vanuatu but in St. Lucia. Traders conclude their client agreement with this unregulated offshore entity. The offshore broker "will not be held responsible for the accuracy of any information available on this site."
Until recently, BDSwiss was regulated in Europe by CySEC as a CIF. The broker was known for attacking clients with misleading marketing campaigns and offshore structures. As a result, the FCA banned BDSwiss, and CySEC also imposed penalties. Consequently, BDSwiss has left the EU and CySEC and is now only regulated by FSA Seychelles. We are upgrading BDSwiss to our Red Compliance List.
Whistleblower Request: Please Provide Information About Cyprus-Based Payment Agent Finzero Cap!
FinTelegram systematically screens the market for payment processors and payment agents that make payment transactions for illegal or unauthorized businesses. This concerns both the online trading sector, where offshore brokers such as PU Prime offer their financial products in various jurisdictions without regulatory authorization, and illegal gambling. One of these payment agents is the Cypriot company Finzero Cap Ltd. We would like to know more.
Attention: UK FCA Updated Warning Against Offshore Broker PU Prime. Red Compliance Rating Confirmed!
FinTelegram published an initial review of offshore broker PU Prime in April 2022. This offshore broker offers its financial products to clients in the UK and EEA without the required regulatory authorizations. In addition to the UK FCA, which updated its warning on November 10, 2023, the Danish FSA has also issued a warning against PU Prime, mentioning that the offshore broker is advertised via financial influencers.
ThinkMarkets Broker Scheme Received Green Compliance Rating!
ThinkMarkets is a regulated online broker that provides trading services for Forex, CFDs, commodities,and crypto. The company has won several awards for its service, including the “Best Forex Trading Platform - Africa” at the 2021 Global Forex Awards. According to their website, the company has offices in 11 locations worldwide and is licensed by several financial authorities in different regimes. We have included ThinkMarkets in our Green Compliance list.
Unauthorized Offshore Broker NordFX Included in Red Compliance List!
FinTelegram issued a warning against NordFX, a retail broker operating without authorization, back in early 2023. The broker, formerly regulated by CySEC, currently has no license known to us and is mainly active in Asia and South America, with the formerly CySEC-regulated entity acting as payment agent. Most recently, it has attracted attention due to the "Mega Super Lottery". We have added NordFX to our Red Compliance list.