We warned last week about the JavaMarkets broker scam allegedly operated from an office in Canary Wharf, London. The scam attacks investors in the UK and EU in English, French, and German. Yesterday, the UK Financial Conduct Authority (FCA) issued an investor warning against the SPXmarkets (www.spxmarkets.com) broker regulated by Secure Currency Limited regulated by the Vanuatu Financial Services Commission (VFSC). The offices of this broker are at the same address in Canary Wharf. Of course, these offices do not exist.
We actually found Secure Currency Limited as a regulated financial dealer in the VFSC list. The company was established as a shelf company by VRS (Vanuatu) Ltd. It received its license in June 2020. SPXmarkets works with the ALGOtrader of the Swiss AlgoTrader AG (www.algotrader.com). According to the Terms and Conditions, SPXmarkets operates in Europe through Secure Currency Limited OÜ, registered in Estonia. We have not found this company. Instead, 1Bit OÜ, the operator of an unlicensed crypto exchange (www.1bit.online), holds the company number 14381842 provided by SPXmarkets.
Of course, this license from the offshore regulator does not entitle SPXmarkets to offer regulated financial services in the UK, Europe, or any other regulatory regimes. SPXmarkets is an illegally operating broker and most likely a scam as well. We suspect that JavaMarkets and SPXmarkets are connected. Stay far away from both of them.
