The Cyprus Securities and Exchange Commission (‘CySEC’) added unregulated brokers Pari FX Trade, FX Premium and TQRTrade to its alert list on Tuesday. According to the regulatory body, the companies behind the brands of brokers work illegally in the country.
FX premium operates through the website fxpremium.com and provides corporate information on a legitimate company called JFD Brokers, which is popular with scammers. He further falsely claims to be regulated by a number of agencies, including the UK Financial Conduct Authority, CySEC in Cyprus and BaFin in Germany. The same thing happens with Pari FX Trade, which also claims to be a member of the National Futures Association in the United States.
TQRTrade is owned by A. Eternity Capital Management and is apparently also associated with the dubious firm West Media Group Limited, which has several brokerage brands that are also blacklisted by regulators across Europe.
The Cyprus Securities and Exchange Commission always encourages interested traders to invest only with legitimate and licensed brokerage companies. To eliminate the risk of fraud, they are also advised to always check the agency’s online registry to see if the brokerage company really meets the Cyprus regulatory standards.
A Cypriot financial observer encourages investors to be especially careful before dealing with any investment company and to always verify that it has the proper license. Forex brokers authorized by CySEC must comply with a number of rules that provide a significant guarantee of the safety of client’s funds.