FCA issues warning regarding unauthorized FX broker GMT Markets

The Financial Conduct Authority (FCA) has earlier today issued a warning regarding unauthorized Forex broker GMT Markets Limited.

The company, which offers its services via www.gmtmarkets.com, gives two contact addresses in the UK: 1) Universal house, 88-94 Wentworth st. London, E17SA, UK; and 2) Hackwood Building, 14 Hackwood Street, Robertsbridge, East Sussex, TN32 5ER. At the same time, it does not possess the necessary regulatory permissions to offer investment services to UK residents.

In the face of the rather detailed information on the company’s offering available: MT4 in several versions, a wide variety of assets, “a young and dynamic team” supposed to take care of the clients, the broker does not say anything particular on licensing and regulation.

The FCA warns that GMT Markets Limited is not authorised by it.

In order to protect investors from such fraudulent companies, the FCA advises them to check the Financial Services Register to make sure whether a given entity is actually licensed by the UK watchdog. If a company claims to be regulated in the UK, whereas its name does not appear in the Register, a useful step would be to contact the regulator’s Consumer Helpline.

The FCA reminds traders that in case they conduct business with unauthorized companies and things go wrong, their losses would not be covered under the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS).

To view the official warning by the FCA, click here.

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