​Ban on EVERFX: Stop Frauds Fomented by FCA License

The Financial Conduct Authority (FCA) has issued a ban on transactions with contracts for differences (CFD) provided by ICC Intercertus Capital Ltd (that takes EVERFX as its forex trading brand name) in the U.K. recently. The corporation has used misleading methods of finance and promotion to cause clients great losses.

Registering with the Cyprus Securities and Exchange Commission (CySEC), the enterprise has two websites, i.e., www.EVERFX.com and www.eu.EVERFX.com. It also boasts two overseas branches unregulated by FCA but operating in the name of EVERFX.

Numerous complaints against EVERFX have flooded to FCA since 2020. According to them, EVERFX took its FCA license as a gimmick but transferred its clients to its overseas companies for forex trading. At the same time, it required its users to invest more for withdrawals even abetted them in borrowing money to invest by deceiving them that transactions with CFDs were totally safe.

At present, FCA bans ICC Intercertus Ltd from operating any regulated businesses in Britain, ordering it to close all its positions and return clients capital.

According to WikiFX, the broker has been operating beyond the coverage of its financial permit registered with the Companies Registry of the Cayman Islands and is highly risky because it is regulated by the Cayman Islands Monetary Authority (CIMA), an offshore financial services regulator of the Cayman Islands.

As a reminder, the case of EVERFX is not alone. The forex market seems to be lucrative but is full of hidden dangers! All information for regulation relating to global forex brokers can be found on WikiFX to ease your anxiety! (bit.ly/wikifxIN)