The Financial Sector Conduct Authority (FSCA) has issued a public warning, urging caution against dealing with Neo Forex Institute.
The regulator has found that the entity is offering unauthorised forex trading signals through Instagram and Telegram, leading to financial losses for investors.
Unauthorised Forex Signals Operation
The FSCA has received multiple complaints from individuals who paid for trading signals from Neo Forex Institute, only to suffer losses.
“Providing forex signals without a licence is a criminal offence,” the FSCA stated.
Forex signal providers often:
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Charge subscription fees or take a percentage of profits.
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Share fake trading patterns to lure investors.
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Profit even when clients lose money through broker commissions.
Neo Forex Institute Not Authorised
The FSCA confirmed that Neo Forex Institute is not licensed to provide financial services. Despite contact attempts, the institute denied offering signals—contradicting evidence from affected investors.
How to Protect Yourself
The FSCA advises the public to:
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Avoid unregistered signal providers on social media.
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Verify FSP authorisation via:
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Toll-free number: 0800 110 443
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Online search: FSCA Regulated Entities
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FAIS Act Check: Search FSP Database
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Check if FSP numbers match the provider’s name.
Final Warning
Unrealistic returns = Red flag! Always confirm a provider’s legitimacy before investing.
For official updates, visit the FSCA website.
