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The UK Financial Conduct Authority (FCA) warned about ForexGrand on 24 May 2018. The warning said ForexGrand was not authorised to provide the financial services it was offering in the UK.
That is the precise regulatory finding. It is more accurate to describe ForexGrand as an unauthorised firm that was subject to an FCA warning than to say the FCA made a final legal finding that it was a criminal scam.
What the FCA warning said
Contemporary reports said the FCA added ForexGrand to its list of firms providing financial services in the UK without authorisation. The brand operated through www.forexgrand.com and was described as offering forex and CFD trading.
The historical offering reportedly included:
- Currency pairs
- Stock-market indices
- Commodities
- Shares
- Cryptocurrencies
The warning related to the firm’s lack of UK authorisation. It did not, based on the available records, amount to a court judgment that ForexGrand had committed criminal fraud.
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ForexGrand warning details
| Detail | Historical information |
|---|---|
| Firm or brand | ForexGrand |
| Warning date | 24 May 2018 |
| Website | www.forexgrand.com |
| Reported company and address | Grand Services LTD, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands |
| Telephone | +44 02031500636 |
[email protected] |
|
| Regulatory issue | Not authorised to provide the relevant financial services in the UK |
These are historical details reproduced in coverage of the FCA warning. They should not be treated as current contact information or proof that any website using the same name today is connected to the same entity.
Why the company information is difficult to pin down
Historical material did not identify ForexGrand consistently. One set of warning details associated the brand with Grand Services Ltd in the Marshall Islands. A separate notice from the British Columbia Securities Commission (BCSC) described ForexGrand as “owned by Capital FXG Ltd.” and “operated by Nordic Pearl Limited.” Nordic Pearl Limited was identified as being in Bulgaria.
Different company names do not establish that every entity was legally the same company. They do, however, make it especially important to verify the legal entity behind a trading website rather than relying on a brand name, logo or claimed address.
A separate warning from British Columbia
On 29 August 2018, the BCSC published its own warning concerning ForexGrand. It said the brand claimed to offer online trading in forex, stock indices, commodities and other securities. The notice also said ForexGrand had accepted funds from a British Columbia resident.
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The BCSC stated that the parties were not registered to trade in or advise on securities or exchange contracts in British Columbia. Its notice identified www.forexgrand.com and advised BC residents to exercise caution.
This was a separate Canadian regulatory warning, not part of the FCA’s May 2018 action. ForexGrand was also reported at the time as appearing on warning or caution lists maintained by Spain’s CNMV and Italy’s CONSOB. Each regulator’s action should be considered separately.
What “unauthorised” means for a UK customer
Authorisation is not a minor technicality. The FCA says customers dealing with an unauthorised firm generally do not have access to the Financial Ombudsman Service and are not protected by the Financial Services Compensation Scheme (FSCS) if the firm fails.
That means a customer may have fewer routes to challenge poor treatment or recover money. The FCA says recovery can be unlikely when an unauthorised firm disappears or refuses to return funds. Claims that customers in this situation automatically receive “up to £50,000” from the FSCS are misleading. The relevant issue is whether the firm and the particular activity were eligible for protection—not a generic compensation limit.
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How to check a forex firm before sending money
- Use the FCA Firm Checker. Search for the firm’s exact legal name, trading name and website address.
- Check the permission, not just the registration. A firm may appear in the register but lack permission for the specific service it is offering.
- Compare contact details. Check that the website, telephone number, email address and legal entity match the FCA record. Do not rely on a regulator’s logo displayed on the broker’s site.
- Check the warning list. The FCA’s Warning List covers firms it is concerned may be operating without permission.
- Be cautious if the firm is not listed. The FCA says absence from the warning list does not prove that a firm is authorised or legitimate. Firms can change names, websites and contact details, and the FCA may not yet know about the new identity.
- Confirm the payment destination. Be wary of requests to send money to an unrelated individual, cryptocurrency wallet or overseas company account.
If a firm cannot be found or its permissions are unclear, the FCA directs consumers to contact it on 0800 111 6768.
If you already deposited money
Stop sending further payments, including payments described as taxes, release charges, verification deposits or withdrawal fees. Save account statements, emails, chat records, telephone numbers, payment confirmations and screenshots of the website.
Contact your bank or card provider immediately using its official contact details. Explain that you believe you may have been defrauded and ask what payment-recovery or chargeback options are available. The outcome depends on the payment method and circumstances, so prompt action matters.
Report the matter to the appropriate authorities and keep copies of every report. Do not pay an unsolicited “recovery agent” that promises to retrieve the funds for an upfront fee. The FCA specifically warns about follow-up recovery scams targeting people who have already lost money.
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Is ForexGrand currently FCA-banned?
The evidence supports a narrower statement: the FCA warned about ForexGrand in May 2018 because it was not authorised to provide the relevant financial services in the UK.
It does not support describing ForexGrand as the subject of a new FCA enforcement action in 2026, or saying that the FCA issued the warning on 22 June 2020. That later date appeared as an update date on one article; contemporary reporting placed the warning on 24 May 2018.
The FCA’s warning-list page was last updated on 30 June 2026, but that general page update does not turn the ForexGrand warning into a new action. Anyone considering a firm now should use the FCA Firm Checker and verify the current legal entity and permissions directly.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Bottom line
ForexGrand was the subject of a UK FCA warning on 24 May 2018. The FCA’s stated concern was that the firm was offering financial services in the UK without authorisation. The BCSC issued a separate warning in August 2018, and historical records linked the brand to several different corporate names.
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For consumers, the practical conclusion is straightforward: do not treat a historical brand, an old website or a claimed overseas licence as evidence of current UK protection. Check the FCA’s register and permissions before depositing money, and assume that the usual Ombudsman and FSCS protections may not apply when dealing with an unauthorised firm.
Sources
- FCA: Warning List of unauthorised firms
- FCA: Forex trading scams
- British Columbia Securities Commission warning
- Historical reproduction of the FCA warning details
FAQ
When did the FCA warn about ForexGrand?
The FCA warning was issued on 24 May 2018. Contemporary reporting said ForexGrand was not authorised to provide the relevant financial services in the UK.
Did the FCA officially declare ForexGrand a scam?
The available warning established that ForexGrand was an unauthorised firm. It does not establish a final judicial finding that the FCA legally declared the firm criminally fraudulent.
Is ForexGrand FCA regulated now?
The historical evidence does not establish current FCA authorisation. Anyone checking the firm today should use the FCA Firm Checker and verify the exact legal entity, website and permissions.
Can ForexGrand customers claim compensation from the FSCS?
Customers dealing with an unauthorised firm generally do not have FSCS protection. They also generally cannot use the Financial Ombudsman Service, according to FCA consumer guidance.
What should I do if I paid ForexGrand?
Stop further payments, contact your bank or card provider immediately, preserve all evidence and report the matter to the relevant authorities. Be wary of recovery firms asking for an upfront fee.
The Bottom Line
ForexGrand was warned by the FCA on 24 May 2018 for operating without UK authorisation. That historical warning is the reliable conclusion—not proof of a current FCA action or, by itself, a court finding of criminal fraud. Verify any present-day broker through the FCA Firm Checker before transferring money.
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