PrimaryFxMarkets, FXPB And Other FX Domains Blacklisted By CySEC

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The Cyprus Securities and Exchange Commission, or CySEC, has issued out a warning recently regarding entering transactions through online trading platforms that are operated by unlicensed providers. This, CySEC stated, is especially prevalent in exchanges involving cryptocurrencies, CFDs, as well as Forex.

Seven Domains Added To The Ever-Growing List

CySEC had already noted in the past that some of these illegally operating brokers are simply spinoffs of companies that had been shuttered prior. Other illegal platforms falsely claim that they are affiliate with other brokers, ones already fully regulated by CySEC, and holds a CIF license.

For this round, in particular, CySEC had blacklisted seven domains: avexcapital.com, fxpb.us, marketsswiss.com, u-i-group.com, conventusgroup.com, primaryfxmarkets.com, as well as capitallevel.com. As always, it’s strangely encouraged to avoid these websites, as they’ve already proven themselves untrustworthy by refusing to gain the needed CIF license to operate within the country, but choose to do so anyway.

Exit Strategy Looming For FXPB

Fxpb.us, one of the blacklisted brokers, gave a statement on its website that it had suspended its trading services for eight working days. With this announcement, it’s not that far off to assume that an exit scam is in the works, as a number of different regulators had already warned about this domain, in particular.

Various forex forums are rife with speculation that FXPB is barrelling towards an exit scheme with the money of its clients, but nothing concrete has yet to occur within FXPB itself. The offerings of the company itself, however, showed all the red flags of operating fraudulently, advertising itself as an ECN FX broker. The company claims to be regulated by a number of authorities, including CySEC and the FCA of the UK. Alas, the company didn’t even bother to try to stay under the radar, not even needing to consult with the EU regulators whether or not it’s registered. Simply put, FXPB traders are capable of putting 300x leverage on their respective transactions, with EU regulators manding ten times less than that: a maximum leverage of 1:30

Many Risks Associated

PrimaryFxMarkets stands as another notable broker on this list. The company operates an asset management and FX trading business, promising guaranteed returns and a variety of accounts. The Cypriot watchdog was forced to deny its claims of being fully regulated under CySEC.

CySEC had put stress on the fact that these firms are not licensed to operate a brokerage business within the borders of Cyprus. Furthermore, the regulator stated that these firms have no affiliation with various regulated entities, as well. To add insult to injury, the regulator warned that the public couldn’t be protected under the Investor Compensation Fund, as these brokerages aren’t licensed and regulated.

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