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The FCA warned on 26 October 2018 that FX Merchants was unauthorised and targeting people in the UK. That is a serious regulatory warning, but it is not a court finding of fraud and does not establish the current status of every business or person using the name. Do not treat FX Merchants as FCA-authorised based on its name or claims; independently check the exact firm, website and permissions before sending money.
The FCA warning listed the website fxmerchants.com and contact details, but cautioned that firms may give other details or change them over time. Match any current contact with the regulator’s records rather than assuming that a person or website using the same name is the entity identified in the warning.
What is FX Merchants?
The FCA warning page titled “FX Merchants” said the firm was not authorised by the FCA and was targeting people in the UK. The warning listed fxmerchants.com and a London address, along with telephone and email details. It was first published and last updated on 26 October 2018. The warning identifies the regulator’s position at that time; the available evidence does not establish whether the firm currently operates or whether another entity using a similar name is the same business.
A trading name, logo, claimed office address or regulatory number displayed on a website is not proof of authorisation. Details can be copied or changed. Check the exact legal entity and contact details against the regulator’s own records.
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Is FX Merchants a legitimate broker?
For UK readers, the FCA’s 26 October 2018 warning says FX Merchants was unauthorised and targeting people in the UK. The FCA stated: “We believe this firm may be providing financial services or products in the UK without our authorisation.” Do not rely on the firm as FCA-authorised on the basis of its name or its own claims.
The warning is not a court finding that FX Merchants committed fraud, and it does not settle the current status of every website or person using that name. The FCA said customers dealing with the firm in the circumstances described would not have access to the Financial Ombudsman Service or FSCS protection, making it unlikely they would get their money back if things went wrong.
If a firm claims to be based in the UK, check the FCA Financial Services Register. Search the exact legal company name and firm reference number, then compare:
- the registered website domain;
- telephone numbers and email addresses;
- the registered office;
- the firm’s status and permitted activities; and
- whether it is authorised to provide the particular service to the relevant type of customer.
A name match alone is not enough. The listing must match the business contacting you, and its permissions must cover the service offered. If a firm claims to be authorised but you cannot find it, contact the FCA using details found independently on the FCA website.
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How clone-broker scams work
A clone scam copies the identity of a genuine company or creates a convincing brand that appears connected to a real financial business. The FCA warning notes that firms may give other details or change their contact details over time, so verify the specific website and contact that approached you. Potential warning signs include:
- a domain that differs from the genuine one by a hyphen, extra word or different ending;
- an FCA number belonging to another company;
- photographs and names of real employees;
- paid search adverts or fake review pages;
- WhatsApp or Telegram “account managers”;
- guaranteed-return claims; and
- pressure to make a quick bank transfer or cryptocurrency payment.
Caller ID and email signatures do not prove identity. Contact the regulator and the firm through details obtained independently, not through links or numbers supplied by a salesperson.
Warning signs to check before paying
| Warning sign | Why it matters |
|---|---|
| Guaranteed profits or “risk-free” forex | Currency and CFD trading involve risk. Guaranteed-return claims warrant caution. |
| Unsolicited calls, messages or social-media approaches | Verify the person and firm independently before considering any offer. |
| Payment to a personal account, crypto wallet or unrelated company | The payment destination may not be the firm named on the website. |
| Withdrawal blocked until you pay tax, insurance or a release fee | Do not send more money without independently verifying the charge and the firm. |
| Remote-access software requested | Screen-sharing tools can expose passwords, banking details and one-time security codes. |
| Pressure to increase the deposit | High-pressure demands are a reason to stop and verify the offer. |
| No clear legal entity or complaints process | You may not know which firm is responsible if something goes wrong. |
What to verify in the FCA Register
- Ask for the full legal name, company number, regulator and licence or firm reference number.
- Open the regulator’s website by typing the address yourself. Do not use a link supplied by the broker.
- Search the official register and open the firm’s record.
- Compare the register’s website, phone number and address with the details you were given.
- Read the permissions and confirm they cover the service and type of customer being offered.
- Check the regulator’s warning list for the exact domain, trading name and telephone number.
The FCA says almost all firms and individuals offering, promoting or selling financial services or products in the UK must be authorised or registered. If a firm claims to be based outside the UK, check the relevant country’s official regulator and the protections that apply there. Do not assume that an overseas licence provides UK complaint or compensation protection.
How forex and CFD brokerages make money
Forex trading is not inherently fraudulent. A broker may earn through spreads, commissions, financing charges, currency conversion and other disclosed fees. Customers can still lose money through leverage, market movements, slippage and overnight financing.
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CFD providers must display risk warnings because these products carry substantial risk for retail customers. A broker cannot legitimately remove market risk by promising fixed returns. “Managed forex” services also require particular caution: handing over trading control or money to someone else creates additional counterparty and authorisation risks.
Before opening an account, check the complete fee schedule, minimum withdrawal rules, margin requirements, negative-balance policy, order execution terms and the legal entity receiving the funds. A demo account or polished trading platform does not demonstrate that withdrawals will be honoured.
Deposits and withdrawals
Do not make a large first deposit to “unlock” an account or test a promised strategy. If you proceed after independent verification, use a payment method with a clear dispute process and ensure the account holder name matches the regulated firm. Never pay a supposed broker employee through a personal bank account or cryptocurrency wallet.
A withdrawal request that triggers demands for an additional tax, verification charge, liquidity fee or insurance payment is a reason to stop and verify. Do not send more money simply because someone promises it will release the existing balance. Save the messages, transaction records, account statements and website pages instead.
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- As a day trader, you can live and work anywhere in the world. You can decide when to work and when not to work.
- You only answer to yourself. That is the life of the successful day trader. Many people aspire to it, but very few succeed. Day trading is not gambling or an online poker game.
- To be successful at day trading you need the right tools and you need to be motivated, to work hard, and to persevere.
What to do if you have already paid
- Stop sending money and stop communicating through suspicious links or remote-access tools.
- Call your bank or card provider promptly and explain that you may have been the victim of an investment scam. Ask whether a payment recall, card chargeback or fraud intervention is possible.
- If you disclosed online-banking details, change passwords using a trusted device and contact the bank’s fraud team.
- Remove remote-access software and run security checks. Change passwords reused elsewhere.
- Report the case to Action Fraud in England, Wales or Northern Ireland, or to the relevant fraud-reporting service in your country.
- Report the website, advert and account to the FCA and the platform hosting it.
- Be wary of “recovery agents” who ask for an upfront payment to recover funds.
What the available evidence does and does not show
The FCA warning provides a dated regulatory statement about FX Merchants and its UK activity as described in 2018. It does not establish current operating status, current contact details, authorisation in another jurisdiction or a court finding of fraud.
A Trustpilot profile returned in the research was small and unclaimed. The platform says reviews are users’ opinions and may not be representative. Customer reviews are anecdotal and cannot establish authorisation, fraud or the firm’s current status.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.FAQ
Is FX Merchants legit?
The FCA warned on 26 October 2018 that FX Merchants was unauthorised and targeting people in the UK. Do not treat it as FCA-authorised based on the brand name. The warning is dated and does not verify current status.
Is FX Merchants a scam?
The FCA warning is serious evidence that the firm it identified was unauthorised in the UK at that time, but it is not a court finding of fraud. Verify the exact current entity and website independently, and do not send money based on an unverified claim.
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Is FX Merchants regulated?
The FCA said in its warning dated 26 October 2018 that FX Merchants was not FCA-authorised. Check the exact legal entity and its permissions on the FCA Register before relying on any current regulatory claim.
Can I trust an FX Merchants website using different contact details?
Do not assume it is the same firm or that different details are legitimate. The FCA warning cautions that firms may give other details or change them. Compare the exact domain, phone number and address with official regulator records.
What if FX Merchants asks for a withdrawal fee?
Do not assume that paying will release your funds. Verify the charge independently, contact your bank promptly if you suspect fraud, and keep records of the messages and transactions.
Do customers dealing with FX Merchants have FSCS or Financial Ombudsman protection?
The FCA warning said customers dealing with the firm in the circumstances it described would not have access to the Financial Ombudsman Service or FSCS protection. Check your own circumstances with the relevant official bodies; do not assume protection applies.
The Bottom Line
The FCA warned on 26 October 2018 that FX Merchants was unauthorised and targeting people in the UK. That warning is not a court finding of fraud or confirmation of the firm’s current status, but it is a strong reason not to treat the name as proof of a legitimate FCA-authorised broker. Before paying, match the exact legal entity, domain, contact details and permissions against the FCA Register. If someone promises guaranteed returns, requests crypto or personal-bank payments, or demands extra money to process a withdrawal, stop and verify independently.
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