Attention! CySEC Withdraws CIF License of Finteractive Ltd (FXVC)!

The Cyprus Securities and Exchange Commission (CySEC) announced Thursday that the regulator decided to revoke the Cyprus Investment Firm (CIF) authorization of Finteractive Ltd. because the company chose to abandon its Cyprus license. The company operates under the trading brand FXVC.

In fact, in May of this year, the brokerage operator had settled with CySEC, paying 100,000 euros for possible regulatory violations. Again, the regulator only mentioned possible failures in “organizational requirements” but did not specify any issues.

A notice on FXVC's website states that “ Clients who have eligible funds in their account, were notified in order to be refunded the amount of their eligible funds or requested to provide information necessary to proceed with the refund.”

Next, let's take a closer look at this broker and see if it's worth investing and trading. First, let's move to WikiFX APP and check it out. We can see that FXVC is included with a score of 6.02, which is pretty good. However, APP has not yet updated its regulatory status in a timely manner due to a notice just issued by CySEC. What about the rest？

1. About FXVC

Founded in 2011, FXVC is a multi-asset platform with 200+ tradable Assets. Assets available on FXVC include Forex trading, Commodities Trading, Indices trading, Stocks Trading, Cryptocurrency trading, CFD Trading, Futures Trading.

2. Regulatory Status

Previously, FXVC passported its Cyprus license to operate in the European Economic Area (EEA), but decided to abandon the authorization in January and has since stopped accepting clients under the license. In addition, it stopped offering financial services to existing clients in Europe in February last year.

In addition, the UK's FCA halted the broker's services last year because it used “various inappropriate techniques to promote its services.”

However, the brokerage firm still appears to be offering international services, having obtained a license from the regulatory body in Seychelles - in other words, this is known as an offshore license.

3. Trading Platform

FXVC offers its clients some kind of a web based trading platform. In this regard, we recommend the industry standard MetaTrader4(MT4) or MetaTrader5(MT5).

MT4 and MT5 have become the industry standard because they include a vast array of capabilities, including a number of customization choices, the ability to utilize numerous accounts, the design and implementation of bespoke scripts for automated trading, and the backtesting of trade methods.

4. Payment Methods

On the homepage of the website, we see the logos of different payment methods which are Wire Transfer, Mastercard, Visa, etc. However, we have no way of verifying its authenticity.

It should be noted that legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as Sofort, PayPal, or Neteller.

Conclusion

In conclusion, FXVC is still a risky business, especially for clients from Cyprus and Europe. The dealer's relevant licenses have been revoked. Although the company still has a Seychelles license, it is regulated offshore. Investors are also advised to trade with it with caution!

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