The UK Financial Conduct Authority (FCA) Issues Warning against Mystocks24
Mystocks24 has acquired no such approval or authorization to operate and provide financial services to the UK locals. The particular trading platform has no authority or permission to offer its services to the UK locals.
The Financial Conduct Authority (FCA) of the United Kingdom has recently released a warning notice for all its locals. The warning is pertaining to creating awareness against a trading platform that is operating illegally in the United Kingdom.
The Financial Conduct Authority has completely denied having any relation or having licensed Mystocks24. In the notice, the Financial Conduct Authority has provided its reasons for issuing the warning and has asked the entire investment community to stay cautious.
Mandatory Procedure for Providing Financial Services in the UK
When it comes to regulatory transparency, the United Kingdom regulators are on par with the strictest and most streamlined regulators from around the world. The procedures that the United Kingdom regulatory infrastructure has put in place are very firm, straightforward, and strict when they have to be.
In order for any platform to go ahead and provide financial services in the United Kingdom, they need to be registered and authorized to do it.
Mystocks24 is Unregistered
Therefore, it is also mandatory for Mystocks24 like the rest of financial service providers to be registered to offer services to UK citizens.
However, Mystocks24 has acquired no such approval or authorization to operate and provide financial services to the UK locals. The particular trading platform has no authority or permission to offer its services to the UK locals.
The Financial Conduct Authority has warned the UK locals not to get involved with the particular trading platform. Instead, they need to be very alert and vigilant when dealing with the platform and do not end up facing any losses.
The Financial Conduct Authority has also announced that Mystocks24 has been promoting its services and products without being registered or licensed. Therefore, the services or products it is offering may turn out to be full of risks.
Financial Conduct Authority Takes no Responsibility for Mystocks24
The warning from the Financial Conduct Authority is also an intimation from the regulator in regards to not having any links with Mystocks24. The FCA has announced that as Mystocks24 is an unregistered financial service provider, therefore, it is full of risks to invest through the platform.
The FCA has also announced that in case the UK locals end up being scammed by Mystocks24, they will not be provided any assistance through the regulator. The FCA has announced that the investors will not be eligible for any kind of Financial Ombudsman Service if things turn for the worst.
The Financial Conduct Authority won’t even be able to provide any kind of assistance or support in order to help recover the funds lost to Mystocks24. The UK locals wouldn’t even be eligible for any kind of Financial Service Compensation Scheme (FSCS) if the investors end up losing access to their funds.
Services offered by Mystocks24
Mystocks24 claims to be offering trading services for several trading instruments to investors from all over the world. The platform claims that as of now, it offers instruments such as commodities, indices, cryptocurrencies, equities, and forex.
To make things more attractive for the investors, Mystocks24 even offers several trading platforms such as MT4 & MT5. The platform not only claims to offer basic level services such as trading platform, trading account, trading indicators, but it also offers extra benefits.
The platform claims it provides the latest updates and insights for cryptocurrencies. In addition to that, Mystocks24 also claims to provide technical analysis data, advanced charting, trading tools, trading plans, and so much more.
This way, the platform has been gaining the trust of innocent investors and it is luring them to make investments in the process.
The address that the particular trading platform has provided on the website is 53 Tundzha Street Floor 3, Sofia, Bulgaria, 1463. The telephone that the platform has provided through its website is +441847958000.
The email address Mystocks24 has provided for support is [email protected] and the platform’s website is www.mystocks24.io.