The UK financial markets regulator has issued a warning against two forex/CFD platforms, Saxo 24 FX and One Zero Trade. The watchdog said both platforms target UK investors without being licensed to operate in the country.
The Financial Conduct Authority (FCA) issued the warning Friday in separate updates posted on its website, urging investors to “avoid dealing with this company and beware of potential scams”. According to the regulator, the platforms operate the websites www.saxo-24fx.com and www.onezerotrade.com respectively.
Saxo 24 FX, which claims to be UK-regulated since 2005, offers its clients trading opportunities in CFDs, stocks, commodities, currencies, cryptocurrencies and futures, according to its details. website. The platform is under the same brand as Saxo Bank, a Danish investment bank specializing in online trading and investing. However, FCA has not clarified whether the Salford-based platform is a clone of the popular Danish company.
On the other hand, One Zero Trade also offers its clients access to CFDs on forex, digital assets and commodities, according to its website. However, the brokerage firm also shares a similar brand name with popular company OneZero Financial Systems, which is a developer of multi-asset enterprise trading technologies. However, just like in the previous case, the FCA did not mention whether One Zero Trade is a clone of the trading technology provider.
FCA seeks to better protect investors
In 2022, the FCA launched a three-year strategic plan to “improve outcomes for consumers in UK markets”. A crucial part of the FCA’s strategy is to shut down companies that fail to comply with fundamental regulations.
Earlier this month the regulator, which entered the second year of the three-year strategy, published its business plan for 2023-2024, setting out a roadmap for the next 12 months. In a statement, the UK regulator said it planned to commit more resources and additional investment 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 released a month after the regulator cracked down on unregistered crypto ATMs operating in east London. The regulator warned the public against using the unregulated machines, noting that they could facilitate money laundering and other criminal activities.
Meanwhile, in 2022, the UK regulator flagged 1,800 potential financial fraud cases, cracked down on 1,400% more fraudulent financial advertisements and hired 1,000 new officers to better protect consumers from financial harm.
The UK financial markets regulator has issued a warning against two forex/CFD platforms, Saxo 24 FX and One Zero Trade. The watchdog said both platforms target UK investors without being licensed to operate in the country.
The Financial Conduct Authority (FCA) issued the warning Friday in separate updates posted on its website, urging investors to “avoid dealing with this company and beware of potential scams”. According to the regulator, the platforms operate the websites www.saxo-24fx.com and www.onezerotrade.com respectively.
Saxo 24 FX, which claims to be UK-regulated since 2005, offers its clients trading opportunities in CFDs, stocks, commodities, currencies, cryptocurrencies and futures, according to its details. website. The platform is under the same brand as Saxo Bank, a Danish investment bank specializing in online trading and investing. However, FCA has not clarified whether the Salford-based platform is a clone of the popular Danish company.
On the other hand, One Zero Trade also offers its clients access to CFDs on forex, digital assets and commodities, according to its website. However, the brokerage firm also shares a similar brand name with popular company OneZero Financial Systems, which is a developer of multi-asset enterprise trading technologies. However, just like in the previous case, the FCA did not mention whether One Zero Trade is a clone of the trading technology provider.
FCA seeks to better protect investors
In 2022, the FCA launched a three-year strategic plan to “improve outcomes for consumers in UK markets”. A crucial part of the FCA’s strategy is to shut down companies that fail to comply with fundamental regulations.
Earlier this month the regulator, which entered the second year of the three-year strategy, published its business plan for 2023-2024, setting out a roadmap for the next 12 months. In a statement, the UK regulator said it planned to commit more resources and additional investment 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 released a month after the regulator cracked down on unregistered crypto ATMs operating in east London. The regulator warned the public against using the unregulated machines, noting that they could facilitate money laundering and other criminal activities.
Meanwhile, in 2022, the UK regulator flagged 1,800 potential financial fraud cases, cracked down on 1,400% more fraudulent financial advertisements and hired 1,000 new officers to better protect consumers from financial harm.