69Brokers Review Scam Complaint
69Brokers Review – An Introduction
69brokers is UK based Forex and CFD broker, however there is no indication of the owner on its homepage. 69brokers is an unregulated brokerage company which gives it a red flag. Interestingly, it supports the ever so popular MT4 platform and along with it, it offers its clients 5 types of account that is, Basic, Novice, standard, Platinum and Executive. However, the trading conditions of the company are far too unclear.
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About the 69Brokers:
69brokers is a Forex and CFD broker that offers the Forex trading services through MT4 platform, which is a mobile and wesite trading platform. Many CFDs are available with the broker including on crypto currencies. It has a rich product portfolio and the broker allegedly offers trading on indices, commodities, shares and even on a lot of crypto currencies. This brokerage company is located in Matam, London, Sydney, Limassol and Sofia according to its website. They have also given British office address and British contact numbers on their site, but, the broker does not carry any license from the British regulator, Financial Conduct Authority. It is not even regulated by any other authorities, which indicates the company has been targeting people without any legal right for that.
The suspicious thing about 69brokers is that it seems to be based in the UK but when its About us section of its website is considered its claim is to be headquartered in Matam (Senegal), as well as it has offices in Sydney, London, Limassol and Sofia. 69brokers also mentioned Lydya Financial Limited and claims to be regulated in Cyprus but it is not in the list of domains approved by CySEC. It is also suspected that 69brokers is not associated in any way with the Lydya Financial Limited, and it illegally uses its name in an attempt to mislead the investors that they are a legit Forex brokerage comapany. This is a popular scam tactic known as a `clone firm`.
Is 69Brokers legit or scam?
There is no doubt that 69 Brokers is a scam broker that is scamming unsuspecting Forex investors. Through the level of anonymity and splashing fake claims, 69Brokers is indeed a scam. It is an unregulated broker that is not entitled to operate in EU, as Financial Market Authority (FINMA) has issued a warning against 69brokers. It is advisable to the investors to not fall for this scam broker and refrain from doing trading with them.