The Cyprus Securities and Exchange Commission (CySEC) issued a list of unauthorized companies on Thursday, with five fraudulent websites being added to its warning list. None of these entities are licensed by the Cypriot regulator.To get more news about cysec regulated forex brokers, you can visit wikifx.com official website.

The illegal platforms are Algo Trade, First BTC FX, IPO Experts, EDR Financial Limited, and a fraudulent impersonator of HYCM Capital Markets, which is a legitimate FX/CFDs broker.
“[The CySEC] wishes to inform investors that the [named] websites 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,” the regulator noted.

The websites of two named platforms are not reachable, but the other three are still operational as of press time. At least one of the platforms is falsely claiming to be regulated by CySEC, while another is claiming to have offices in London, Limassol, Dubai and Kuwait.
The red-flagged platforms offer high-risk investment instruments, including contracts for differences (CFDs) of forex, cryptocurrencies, and other popular asset classes. Some of them provide hefty deposit bonuses, an illegal practice within the European Union, and high leverages beyond the permissible limits.
Cyprus is a popular jurisdiction for brokerages that want to tap the lucrative yet competitive European Economic Area (EEA) markets. Compared to other EU regulators, CySEC has less stringent requirements, and brokers can passport their licenses to offer services in any of the EEA member countries.

However, fraudulent platforms are still rampant across all markets. Some of these platforms look legit, offering several deposit methods and trading platforms. However, they usually get exposed when customers try to withdraw funds. Busting these fraudulent platforms proactively is challenging, as they can only be detected through complaints from victims.

CySEC is regularly updating its warning list against fraudulent platforms. Some of the fraudsters are even impersonating CySEC’s website to trap traders.

“CySEC urges investors to consult its website, before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities,” the Cypriot regulator added.

Meanwhile, other European regulators regularly publish such lists of fraudulent platforms. The UK’s FCA, Spain’s CNMV, and Italy’s Consob regularly publish names of dozens of fraudulent trading platforms, including clones of legitimate companies. Consob is now blocking access to 805 illegal websites within its jurisdictions.