UK FCA Warns Against London-based Forex Broker SLStrade; Disgruntled Investors Accuse SLStrade of Scamming

Image credit: Third Sector

The Financial Conduct Authority (FCA) in the UK has issued a warning against London-based, an unlicensed Forex broker:
“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
The FCA has advised investors to check the legal status of each financial firm with the Financial Services Register. Firms that are not on this list or the Interim Permission Register should be avoided and reported immediately.

FCA’s warning against SLS trading comes on the heels of multiple complaints lodged against the firm on ForexPeaceArmy, a forum for FX traders. One user alleges that a broker at SLStrade by the name Michael Dobson - who was using a photograph of Carlos Slim Domit as his profile photo on Skype - defrauded him of $2000 on a supposed crude oil trade.

Another defrauded investors claims he lost $8500 with SLStrader due to a supposed glitch on the NASDAQ exchange.

There have been allegations from disgruntled investors that,, and are one company, or at least related, but this link has not been confirmed yet.

It's worth noting that FX broker, a subsidiary of CIF Glistentree Holdings, lost its license in Cyprus recently and owner Danny Rothman (Daniel Rubinstein) was fined €100,000 for submitting forged documents to the CySEC.