In the highly competitive and volatile forex market, scams are rampant, causing significant losses for many investors. Many unlicensed brokers often lure investors with false promises or opaque trading terms, but in reality, they may be involved in fraudulent activities, eventually absconding with the funds and making it difficult for victims to seek recourse. In light of this, Cashback Island continues to monitor market dynamics and has compiled the latest warning list of unlicensed brokers released by the UK’s Financial Conduct Authority (FCA) to help forex traders identify potential risks, stay away from financial traps, and better protect their funds.
If you find yourself trading with an unregulated broker, it is advisable to immediately stop depositing additional funds and contact your local financial regulatory authority or relevant legal institutions for assistance as soon as possible to mitigate potential losses. Furthermore, when choosing a broker, be sure to confirm whether they are authorized by a compliant regulatory body and carefully review their trading terms and customer reviews to reduce risks and ensure trading security.
Below is the list of forex brokers and clone firms that received warnings from the UK’s Financial Conduct Authority, published on March 18.
Name: Housing Disrepair Claims Group
Phone: 033303410945
Website: https://housingdisrepairclaimsgroup.co.uk
Name: BITDIGIX
Address: 76 Commercial St, Edinburgh, Midlothan, UNITED KINGDOM, EH6 6LX;
846 Melrose Street, Spokane, WA Washington, UNITED STATES OF AMERICA, 99201;
2 Shenton Wy, 08-03, SINGAPORE, 068804
Email: [email protected]
Website: https://bitdigix.com
Name: TRANSCORP CAPITAL INVESTMENTS
Address: 7 Plumstead Road, Plumstead, London, UNITED KINGDOM, SE18 7BZ
Phone: +16835213500
Email: [email protected]
Website: www.transcorpcapital.live
Name: SWIFTSTOCKS OPTIONS
Address: 55-61 High Street, Eltham, London, UNITED KINGDOM, SE9 1TD
Email: [email protected]
Website: www.swiftstocksoptions.com
Name: Top Incredible Trade
Address: 55-61 HIGH ST, ELTHAM, UNITED KINGDOM, SE9 1TD
Phone: +15055385413
Email: [email protected]
Website: https://topincredibletd.live
Name: XBO Trading/ XP Traders (Clone of an FCA-authorized firm)
Phone: +442039582542, +442046034393, +442046000675
Email: [email protected] [email protected]
Website: https://xptraders.com/
Name: Barclays Wealth Management / Barclays Wealth / www.wealth-management-services.com (Clone of an FCA-authorized firm)
Phone: +442038161658, +442037690975, +46550780013
Email: [email protected]
Website: www.wealth-management-services.com, www.wealth-management-services.co.uk
Name:Connected Pips
Address: 55-61 HIGH ST, ELTHAM, UNITED KINGDOM, SE9 1TD
Email: [email protected]
Website: https://connectedpip.com
The Financial Conduct Authority (FCA) is the financial regulatory body in the United Kingdom, established in 2013 to replace the former Financial Services Authority (FSA). Its core responsibilities are to protect consumers, maintain market integrity, and promote competition. Its regulatory scope covers banks, investment firms, insurance companies, consumer credit institutions, payment service providers, and financial market infrastructures.
The FCA’s main regulatory functions include Authorisation, requiring firms to be authorized to provide regulated financial services; Conduct Supervision, ensuring firms treat their customers fairly and preventing market manipulation, fraudulent behavior, and misselling; and Market Oversight, responsible for monitoring the stability and transparency of financial markets. The FCA has enforcement powers to impose fines, revoke licenses, or restrict the business of non-compliant firms. It also actively promotes financial innovation, such as through its ‘Regulatory Sandbox,’ which allows emerging fintech companies to test their business models in a controlled environment to foster development and competition in the financial industry.
For more detailed information about the FCA, you can also visit its official website directly: https://www.fca.org.uk/
