If they're not authorised by us, it's probably a scam. You should check the FCA register of authorised firms before dealing with any firm. Many scam firms claim to be based in the UK and even claim to be FCA authorised. They will then be encouraged to invest more money but at this stage or soon after the returns stop, their account is suspended and there's no further contact with the firm. Most consumers report they have initially received some returns from the firm to give the impression that their trading has been a success. They promise very high returns and guaranteed profits, either through a managed account where the firm makes trades on the investor's behalf or by trading using the firm's trading platform. UK consumers are being increasingly targeted by unauthorised forex trading and brokerage firms offering the chance to trade in foreign exchange, contracts for difference, binary options and cryptoassets. Officials say copy trading, advising someone how to trade or arranging trades for them is illegal and advise: 'If they're not authorised by us, it's probably a scam.' Many who advertise get-rich-quick schemes do not even have a website or a UK-registered business and operate unchecked solely on Instagram, Facebook or WhatsApp, the Financial Conduct Authority warns. They say that with an initial investment of around £300 and just five to 10 minutes a day of online tutorials, youngsters can earn thousands every month from Foreign Exchange or 'Forex' providing they 'DM' them for more information.īut hundreds of these 'traders' do not have the necessary accreditation or qualifications to offer these services, which makes them illegal and means aspiring customers risk seeing their profits flop.
So-called Forex traders post pictures of the sports cars, luxury holidays and celebrity friends they have gained from learning how to speculate on the strength of foreign currencies and claim customers can do the same if they 'follow their signals'. A new generation of self-proclaimed Instagram traders are using flashy social media profiles to trick aspiring youngsters into thinking they can teach them how to make thousands every day.
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