The UK’s financial markets regulator has issued a warning against two forex/CFD trading platforms Saxo 24 FX and One Zero Trade. The watchdog said both platforms target UK investors without authorizing them to operate in the country.
The Financial Conduct Authority (FCA) issued the warning on Friday in separate updates posted to its website, urging investors to “avoid doing business with this company and beware of potential scams.” According to the regulator, the platforms operate on the websites www.saxo-24fx.com and www.onezerotrade.com respectively.
Saxo 24 FX, which claims to be subject to UK regulation since 2005, offers its clients CFDs, stocks, commodities, forex, cryptocurrencies and futures trading opportunities, according to details on its website. The platform is similarly ranked with Saxo Bank, a Danish investment bank that specializes in online trading and investment. However, FCA did not say whether the Salford-based platform is a copy of the famous Danish company.
On the other hand, One Zero Trade provides its clients with access to CFDs on forex, digital assets and commodities, according to its website. However, the brokerage also shares a similar brand name with a well-known company, OneZero Financial Systems, a developer of multi-asset corporate trading technology. However, as in the previous case, the FCA did not say whether One Zero Trade was a copy trading technology provider.
The FCA seeks greater investor protection
In 2022, the FCA launched a three-year strategic plan to “improve outcomes for consumers in markets across the UK”. A critical aspect of the FCA’s strategy is to shut down companies that fail to comply with basic regulations.
Earlier this month, the regulator, which has entered the second year of its three-year strategy, published its business plan for 2023-2024, laying out a roadmap for the next 12 months. In a statement, the British regulator indicated that it plans to allocate more resources and additional investments to four main areas of its work. These areas include focusing on consumer needs, preparing financial services for the future, strengthening the UK’s position in global wholesale markets and reducing and preventing financial crime.
The FCA’s new regulatory roadmap was published a month after the regulator cracked down on unregistered crypto ATMs operating in east London. The regulator warned the public against using the unmonitored machines, stating that they may facilitate money laundering and other criminal activities.
Meanwhile, in 2022, the British regulator reported 1,800 potential financial frauds, clamped down on rogue financial advertising by 1,400% and hired 1,000 new staff to better protect consumers from financial harm.
The UK’s financial markets regulator has issued a warning against two forex/CFD trading platforms Saxo 24 FX and One Zero Trade. The watchdog said both platforms target UK investors without authorizing them to operate in the country.
The Financial Conduct Authority (FCA) issued the warning on Friday in separate updates posted to its website, urging investors to “avoid doing business with this company and beware of potential scams.” According to the regulator, the platforms operate on the websites www.saxo-24fx.com and www.onezerotrade.com respectively.
Saxo 24 FX, which claims to be subject to UK regulation since 2005, offers its clients CFDs, stocks, commodities, forex, cryptocurrencies and futures trading opportunities, according to details on its website. The platform is similarly ranked with Saxo Bank, a Danish investment bank that specializes in online trading and investment. However, FCA did not say whether the Salford-based platform is a copy of the famous Danish company.
On the other hand, One Zero Trade provides its clients with access to CFDs on forex, digital assets and commodities, according to its website. However, the brokerage also shares a similar brand name with a well-known company, OneZero Financial Systems, a developer of multi-asset corporate trading technology. However, as in the previous case, the FCA did not say whether One Zero Trade was a copy trading technology provider.
The FCA seeks greater investor protection
In 2022, the FCA launched a three-year strategic plan to “improve outcomes for consumers in markets across the UK”. A critical aspect of the FCA’s strategy is to shut down companies that fail to comply with basic regulations.
Earlier this month, the regulator, which has entered the second year of its three-year strategy, published its business plan for 2023-2024, laying out a roadmap for the next 12 months. In a statement, the British regulator indicated that it plans to allocate more resources and additional investments to four main areas of its work. These areas include focusing on consumer needs, preparing financial services for the future, strengthening the UK’s position in global wholesale markets and reducing and preventing financial crime.
The FCA’s new regulatory roadmap was published a month after the regulator cracked down on unregistered crypto ATMs operating in east London. The regulator warned the public against using the unmonitored machines, stating that they may facilitate money laundering and other criminal activities.
Meanwhile, in 2022, the British regulator reported 1,800 potential financial frauds, clamped down on rogue financial advertising by 1,400% and hired 1,000 new staff to better protect consumers from financial harm.
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