Regulated by 4 Watchdogs? The FCA Warns Against 4XEmpires - BrokersView
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Regulated by 4 Watchdogs? The FCA Warns Against 4XEmpires

Aug 03, 2022 Brokersview

It is always a sign to be skeptical if a completely unknown FX broker claims to be authorized, regulated and registered by the key competent authorities and regulators. And 4XEmpires belongs to this type of company. The entity is showing a totally regulated trading environment for traders by presenting its four licenses from financial watchdogs. But fact tells it is just a scam website.

 

Licenses & regulation info

If we go by the information on its home page, then the company is showing that 4XEmpires group operates 3 legal entities, each regulated by the relevant local authority in that jurisdiction:

· 4XEmpires Financial Services Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) and by the South Africa Financial Sector Conduct Authority (FSCA);

· 4XEmpires is regulated by the Financial Conduct Authority (FCA);

· 4XEmpires Global Markets Limited is authorised and regulated by the Securities Commission of The Bahamas (SCB). 

But no results matched with 4XEmpires can be found on the four mentioned regulators except an unauthorised record on the FCA. Moreover, UK FCA warned public that 4XEmpires is providing financial services or products in the UK without authorisation.

That means 4XEmpires is actually not regulated by any regulators.

 

The FCA added 4XEmpires into its Warnings

On June 29 2022, the FCA issued a warning that 4XEmpires has not been authorized to provide financial services or products in the UK.


Leverage up to 1:5000

4XEmpires has main offices in UK, Cyprus & Bahamas. As you can see, 4XEmpires offers four types of forex trading accounts, with leverage ranging between 1:500 and 1:5000. According to the laws and rules of global financial authorities in the three countries, it is impossible for a regulated broker to have such risky levels of leverage. 

Based on the above information, we can conclude that 4XEmpires is a scam.

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