CWG Markets is another clone firm that has been added to the UK Financial Conduct Authority’s long list of alerts. The firm was recognized as an unauthorized financial services provider. According to an official warning issued on Thursday, the company does not have a proper FCA license to provide financial services to UK traders and is outlawed. Brokerage companies do not post their trading conditions on their website, but we were able to notice that it provides customers with a trading web platform and requires a minimum deposit of $10,000, which is excessive and typical of scammers.
The firm is obviously a clone of the registered FCA CWG Markets Ltd with the reference number 785129. Most often, scammers prefer to present themselves in such a way as to mislead uninformed traders.
In an official warning issued by the Financial Conduct Authority, we also read that the British authorities suspect a brokerage company of knowingly engaging in investment fraud. Traders are encouraged not to enter into contracts with CWG Markets. In addition, we urge readers to enter into contracts with regulated and legal brokers only, which are governed by many of the rules set forth in the ESMA guidelines, which include split accounts and participate in a financial compensation scheme.
The FCA has provided traders with a helpline for consumers and calls on everyone whom CWG Markets has called or in some way persecuted to contact them at 0800 111 6768. The UK’s main financial regulator regularly updates its list of alerts and encourages traders to always conduct a quick check of brokerage services in their online registry before investing in them.