FCA warns against Bitmax4u (clone of an EEA Authorised Firm)
Bitmax4u is not authorised or registered by the FCA but has been targeting people in the UK, claiming to be an authorised firm. Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by the FCA.
Brokerswatch recommends investing only with brokers that are regulated by reputable authority.
Reputable regulatory authority provides additional protection to investors by ensuring that financial firms apply proper standards and rules. Additionally, if the broker tries to cheat you out of your money, it is the regulator’s job to force the financial firm to compensate you for any wrongdoing.