The Cyprus Securities and Exchange Commission (CySEC) on Wednesday published a warning regarding Ubroker (aka Fundsaver Services Ltd).
The company offers a variety of Forex trading services via www.ubroker.com and provides an address in Cyprus. Nevertheless, CySEC notes, the company is not authorized to provide investment and ancillary services in the Republic, pursuant to Investment Services and Activities and Regulated Markets Law.
This broker has never been authorized by the Commission, the warning says.
In addition, no notification has been received by a competent authority of another EU Member State, pursuant to sections 77 and 80 of the above mentioned Law.
The warning from the Cypriot financial regulator comes about a week after UK’s Financial Conduct Authority (FCA) said Ubroker is not authorized to offer investment services to UK residents.
To download the CySEC warning, click here.