The online forex and CFD broker Bright Finance is hard to pin down. They claim that their company is in the UK and that they have a registration with the FCA. They have no such registration, which would be required to operate within the UK. Although they claim other parent companies, one section of their website includes the company name Capital Letter GmbH. This company operates numerous brokers with lacking reputations, including GFXRoyal.
Bright Finance’s Origin and Location are Incredibly Vague
It’s not clear which company operates Bright Finance. They say two different names on their website, Cryptographiq Ltd and FD Finance. They have a listed physical address at the Leeds Innovation Centre. This office building is permanently closed. They have also misspelled the street name on their website. The broker operates with no transparency whatsoever, and there is little reason to trust anything that they have to say.
Due to their claim of an FCA registration and a UK headquarters, the FCA has issued a warning against this broker. Their statement says that they believe the firm has been providing financial services to residents of the UK without authorization.
The French financial regulator, AMF, has also issued a warning against Bright Finance. They maintain a list of brokers that they believe are targeting French traders with unauthorized services. The Italian regulator, CONSOB, has passed on the warnings of the AMF and the FCA to its citizens, warning them to avoid this broker. The CNMV of Spain has also blacklisted the broker. It is exceedingly rare for this many regulatory bodies to put out specific warnings about one broker.
Little Information Other Than High Deposits
Bright Finance has five account types running from Explorer to Platinum. The initial deposit to open an account is $250. This is the exact same arrangement as the broker GFXRoyal, adding further reason to believe that the same company runs Bright Finance. They don’t have a demo account. They don’t publish any information on their spreads, so there’s no way for investors to know what this broker has to offer before putting down their deposit.
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