> Analysis
> Cyprus and Mauritius Watchdogs Spell Out ill-Devised Broker Scam
Cyprus and Mauritius Watchdogs Spell Out ill-Devised Broker Scam
Monday, 27/10/2014 | 15:10 GMT by Avi Mizrahi
The CySEC and FSC Mauritius has informed the public that LiveFX Trader is not and has not at any time been licensed by neither regulator, citing ill-devised fraudulent documentation with some basic errors.
cyprus // ToDo refactor when changes on back-end are ready
The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) and the Financial Services Commission, Mauritius (FSC), issued a joint statement today to alert the public with regards to LiveFX Trader (LiveFX).
CySEC and FSC Mauritius stated that they have recently been made aware that LiveFX is displaying a fraudulent copy of an Investment Dealer, Full Service Dealer Licence. The licence, which is accessible on the unregulated firm's website, should be easily identified as a scam by discerning traders as it is a bad example of photo editing and claiming to be a Cyprus license but portrays the logo of FSC Mauritius.
The address is also incorrectly stated insofar as the address of the FSC Mauritius reads as FSC House 54 Cybercity Ebene Republic of Mauritius. However, the address on the fraudulent licence appears as FSC House 54 Cybercity Ebene Republic of Cyrus.
This obvious misspelling of the name of the country the firm is supposedly regulated in, is perhaps a sophisticated technique used by the scammer to make sure he only targets people who have limited mental capabilities to check with whom they trust their money or simply don't know English and can be easily duped.
Analysis: Forex Traders from South Korea Top the Rankings
CySEC and FSC Mauritius informed the public that LiveFX Trader is not and has not
at any time been licensed in Cyprus or Mauritius and therefore urge the public to exercise caution with respect to LiveFX.
About the Author: Avi Mizrahi