FCA Warns Public Against Saxo 24 FX & One Zero Trade

The Saxo 24 FX and One Zero Trade forex/CFDs platforms have received a warning from the UK's financial markets regulator. According to the financial watchdog, both platforms are allegedly pursuing UK investors without having the necessary licences to do so.

The Financial Conduct Authority (FCA) recently issued a warning on its website advising investors to steer clear of this company and watch out for frauds. The regulator claims that the platforms run the websites www.onezerotrade.com and www.saxo-24fx.com, respectively.

Saxo 24 FX stated on its official website that it has been governed by UK law since 2005, offers its clients trading options in CFDs, equities, commodities, forex, cryptocurrencies, and futures. The platform shows uncanny resemblance with Saxo Bank, a Danish investment bank that focuses on online trading and investing. Meanwhile, One Zero Trades website also shares a similar brand name with a popular firm, OneZero Financial Systems, which is a multi-asset trading technology developer. Although FCA issued public warning towards these two companies, it does not pinpoint them as clones.

The Financial Conduct Authority (FCA) is a regulatory body in the United Kingdom that oversees financial markets and financial services firms to ensure they operate in a fair, transparent, and honest manner. The FCA was established in April 2013, replacing the Financial Services Authority (FSA), and has since been responsible for regulating nearly 60,000 financial firms and markets in the UK.

The FCA aims to maintain market integrity, promote competition, and protect consumers from financial harm. To achieve these goals, the FCA sets and enforces rules and standards for financial firms, supervises their compliance with regulations, and takes enforcement actions against firms that break the rules. The FCA also works to raise public awareness about financial products and services and provides advice and guidance to consumers.

In 2022, the FCA launched a three-year strategy plan to enhance consumer outcomes across all UK markets. The FCA's policy includes shutting down companies that do not follow basic rules as a key component.

The regulator issued its business plan for 2023–2024 earlier this month as it entered the second year of its three-year strategy, providing a road map for the following twelve months. The UK regulator stated in a statement that it intends to devote more resources and new investments to four key areas of its work. Focusing on customer requirements, preparing financial services for the future, bolstering the UK's position in international wholesale markets, and minimising and preventing financial crimes are some of these topics.

A month after the FCA cracked down on unregistered crypto ATMs operating in East London, the regulator released a new regulatory plan. To better safeguard consumers from financial harm, the British regulator hired 1,000 extra officers, boosted the clampdown on more fraudulent financial adverts by 1,400%, and reported 1,800 probable financial fraud cases in 2022.