FCA adds SafeMarkets to its blacklist
The UK's FCA has added SafeMarkets to a long list of companies illegally targeting British customers and offering financial services without a license.
"Some companies operate without knowing and use some investment scams," the FCA said in its warning.
Furthermore, after checking the broker’s website www.safemarkets.biz, we came across an unusual detail – in their “Terms and Conditions” the broker says that “in order to withdraw funds, clients are required to reach a certain trading volume, which is very high”. This unconventional practice is unsuitable for traders, as it exposes them to additional risks.
The UK Financial Supervisory Authority advises all potential UK investors to only deal with companies with legal licenses, which can be verified in the FCA registry. Besides, the FCA regularly updates its "blacklist" warning lists, in an effort to protect investors. Last month, the regulator included "PrimeCrypto", "Investex", "eMarketsTrade", "GulfFX", "Easy FX Trade" and "TradeBNP" on the list.