BARCLAY STONE ADDED TO KNF PUBLIC WARNINGS
On November 17, 2022 Polish Financial Supervision Authority added to "Blacklist" another entity that investors should be wary of. It is Barclay Stone Ltd based in Saint Lucia operating via an online platform Barclay Stone available on three different websites. Business illegally provides brokerage services in the CFD market. Details below.To get more news about barclay stone review, you can visit wikifx.com official website.
Watch out for Barclay Stone
Subject Barclay Stone has been entered on the list of warnings due to the notification under Art. 178 in connection with joke. 69 sec. 2 points 2 and 3 of the Act on Trading in Financial Instruments. The reason is offering brokerage services in trading in financial instruments without having the appropriate permissions. The notification is sent by the KNF Office, and the case is handled by the District Prosecutor's Office in Warsaw.
The broker's websites are available in three language versions - English, Russian and ... Polish. And this is probably something that caught the attention of the KNF. Without the appropriate permissions, the company offers trading on all popular types of instruments, i.e. on currencies, stock indices, cryptocurrencies, commodities and shares, and the alleged trade is to take place via the popular MetaTrader 5 platform. Let's not delude ourselves, however, that these would be real transactions.
Barclay Stone does something very brave, and rather foolish. It attempts to create an associative bridge between it and Barclays, the British investment bank, without having anything at all in common with the international bank. This is the first major misdeed made by Barclay Stone. Other noteworthy aspects of the broker are all reveled in the following review.
Registering was simple and easy, and the follow up was a trading software which seemed to act as the main client area. This terminal gave us a EUR/USD spread of 1.2 pips, a very decent value, and a leverage cap at 1:400. The trading instruments offered here are forex pairs, commodities, cryptocurrencies, stocks, and indices.
This is one of the very rare cases where a broker claims to be located in St. Lucia. This small island nation has a financial regulator called the Financial Services Regulatory Authority, which seems to oversee many finical institutions. We went in the database of licensed entities to look for both Barclay Stone and the holding company Barclay Stone Limited, and were faced with the fact that there is no such registered company name with the local regulator.
And furthermore, it never says that Barclay Stone and its parent company Barclay Stone Limited is actually regulated anywhere. What it does say is that the company is registered in St. Lucia and functioning under the local laws.
Next on our list, is an alleged payment processing address in the UK. One thing we can say here; Barclay Stone is not regulated in the UK, you can rest assured about that.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
The trading platform here is a classic example of the power of visuals. Looking at the entire platform a positive impression might arise; however, if the trading terminal is divided intro individual segments users will start noticing how little this platform has on offer. The only options available, aside from buy/sell, are pending orders, some limited chart customizations, stop loss, and take profit.