- 20th February 2019 at 2:56 pm #14719Stuart FieldhouseParticipant
Hi all – I’m just starting this thread as a record of egregious practices by some offshore brokers hunting for forex business from UK traders.
Just been contacted by Smart Trading / Smart Finance on the phone which perfectly illustrates some of the key giveaways for dubious offshore brokers:
- Failure to provide a consistent name of the firm – in this case trying to get me to focus on their proprietary ‘Autotrader’ platform
- Claiming to be FCA regulated, but none of the names they provided me with showed up on the FCA register as I had it open in front of me
- Claiming they were ‘regulated’ under GDPR – not really the same thing
- When asked where they obtained my details from, ‘a database of traders’ but unable to tell me exactly where.
Still can’t believe slipshod outfits like this are still operating and claiming to be respectable brokerages. These guys were clearly in direct breach of GDPR and FCA regulations, yet I suspect nothing will be done about them.
- 4th March 2019 at 8:56 am #14916Matt VannModerator
Hadn’t noticed this thread until now Stuart … they claimed they were “regulated” under GDPR? What regulation is that I wonder?
It’s amusing, but despite the whole GDPR thing, I still regularly get contacted by 3rd parties who will remain nameless who offer to sell me databases from ‘brokers’ (there are never names of these brokers disclosed) or from FX brokers who have ‘gone out of business’. Basically, I think what happens with a lot of these is that a disgruntled employee of some broker steals their data and sells it on to whomever, who then tries to sell it to a number of data brokers (i.e, people like me), some of whom will buy it and some of whom tell them to **** off (see if you can guess which camp I’m in). The data brokers then sell it to FX brokers (think wholesale/retail price markup and you’ll not be far wrong) or the data brokers give it to FX brokers on a CPA basis and if the brokers – I expect it’s only unregulated brokers that would ever dare to buy it because if the FCA, NFA or CySEC ever come looking at a regulated broker they need to be able to demonstrate where their leads or accounts come from, and that, I can tell you from my experience with Triggerbuddy, is a minefield – get an account from it, they give a financial kickback to the data vendor.
However yes, I suspect your suspicions about nothing being done about them will stand true. The main issue being is that because they’re not regulated, they can just rent another office next week and do the same thing again.
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