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FSCA warns the public against Fxtrade Option Limited

FSCA warns the public against Fxtrade Option Limited
15-11-22 / Duty Editor

FSCA warns the public against Fxtrade Option Limited

Pretoria - The Financial Sector Conduct Authority (FSCA) has warned the public to act with caution when conducting any financial services related business with Fxtrade Option Limited
(Fxtrade).

The regulator said according to Fxtrade’s website (http://www.fxtradeoptionslts.com/), the company is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is licensed by the FSCA.

However, the FSCA said according to the records it holds, Fxtrade is not regulated or authorised as a Financial Services Provider (FSP) terms of the Financial Advisory and Intermediary Services (FAIS) Act in South Africa to provide financial advisory and intermediary services.

Further digging has revealed that Fxtrade is also not regulated by CySEC, said the regulator, adding that it made attempts to contact Fxtrade without success.

Members of the public should always ensure that an entity or individual is suitably authorised by the FSCA to provide the specific financial product or service being offered.

Check this before any purchase or investment is made, by one of the following:

1) Toll-free number: 0800 110 443
2) Online search for authorised financial institution by license category:
https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-Entities-Persons.aspx
3) Online search for a financial institution that is an authorised FSP in terms of the FAIS Act: https://www.fsca.co.za/Fais/Search_FSP.htm

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