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WIKIFX REPORT: FSCA warns the public against Invest Markets and 24Option.com
Abstract：The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when doing any financial services business with Invest Markets and 24Option.com which are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when doing any financial services business with Invest Markets and 24Option.com which are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
The FSCA has received complaints from members of the public against Invest Markets and 24Option.com. According to the websites of Invest Markets and 24Option.com, it appears that they are based in Belize, providing trading platforms that offer trading in Forex, Contract for Difference (CFDs) derivatives, as well as cryptocurrencies.
The FSCA points out that for a company to offer CFD trading and forex trading in South Africa, it must be licensed to do so by the FSCA. It therefore appears that these two platforms are conducting unregistered financial services business, which is unlawful.
The website of Invest Markets states the following: “This website (www.investmarkets.com/international) is operated by Arvis Capital Limited, a Belize investment firm, authorised and regulated by the International Financial Services Commission of Belize…” Of importance is that Invest Markets and 24Option.com still requires South African licences to operate locally.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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The trading environment does not seem that rosy for traders at Grand Capital, a Seychelles-based forex broker. Traders’ requests for withdrawals are alleged to be in the review process for months, making them frustrated and helpless. Despite meeting the guidelines, traders find it hard to withdraw funds, as suggested by their complaints online. What’s also troubling traders are long processing times concerning Grand Capital withdrawals. In this Grand Capital review segment, we have shared some complaints for you to look at. Read on!
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