FCA warns against CoinbrokerZ and Safemarkets

The British Financial Conduct Authority has added two unregulated cryptocurrencies brokers to its blacklist.

The story is always the same, crypto trading is not regulated as long as you trade with cryptocurrencies directly. But if trading is indirect via derivatives such as CFDs, it is regulated, and brokers need licences.

And this is the problem of CoinbrokerZ and Safemarkets, they offer indirect crypto trading, but have no licence whatsoever, they are not regulated. Therefore, they are operating in the EU illegally.

For trading use regulated brokers.

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