CySEC Remains Vigilant, Flags Four Unauthorised FX Firms

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It might only be Monday, but already, there’s a number of new warnings against potential scams. Today, the Cyprus Securities and Exchange Commission (CySEC) has published a new warning on its website, warning against four entities.

Specifically, the Cypriot regulator has warned against four websites, which it states: “do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017.”

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The four entities, which are all foreign exchange (forex) trading providers, in question are Lite Options (lite-options.com), FXJET (www.jetfore.com), Algobit Ltd. (worldwidecapitalfx.com) and Bogofinance Capital Markets LTD (bogo-finance.com).

Lite Options is a forex and contracts for difference (CFD) trading provider. When looking at the four entities named this Monday, there is a clear similarity between the website of Lite Options and Algobit Ltd, which is also an alleged forex and trading provider. This is because Lite Options is operated by Algobit Ltd.

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Furthermore, both entities claim to be “regulated” and include a generic award stamp on their page, without mentioning who or where they are regulated in. Regardless to say, as per CySEC’s warning, they’re not regulated in Cyprus and operating illegally within the country.

FXJET, on the other hand, claims to be a forex trading provider and consultancy firm. However, this entity appears to be a clone of FX and CFD broker FXJET, which is registered by CySEC. The clone firm has copied the legitimate company’s logo. Down the bottom of the fraudster’s website, the entity claims it is owned by Bogofinance Capital Markets LTD, which has also been flagged by the Cypriot watchdog as an unauthorised entity.

Head the Warning from CySEC

The fact that neither of the four entities has the proper authorisation to provide financial services in Cyprus, but are still offering products in the country, is a serious red flag and indicates that the companies are most likely involved in some kind of scam.

As a result, it is a good idea to avoid having any contact with these companies, especially if you don’t want to lose any money.

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