BalansFX Scam Warning: FCA Blacklist and FinCom Expulsion

🔴 Official FCA Blacklist Warning

The UK Financial Conduct Authority (FCA) published an official warning about BalansFX and added the firm to its list of unauthorised firms:

• ● Warning status: The FCA states clearly that BalansFX is not an "authorised or registered firm". The firm offers financial services without permission.
• ● Website: balansfx.com was reported by the FCA as a site offering unauthorised financial services. The website is currently completely unreachable.
• ● No FCA protection: Investors who traded with BalansFX fall outside the scope of the Financial Ombudsman Service and the FSCS (Financial Services Compensation Scheme).
• ● Legal consequence: Dealing with a firm on the FCA blacklist leaves the investor in an environment with no legal protection mechanism at all.

🔴 Expulsion from the Financial Commission

The second official decision, which makes BalansFX's position even worse, was taken by the Financial Commission (FinCom):

• ● Date of expulsion: 31 May 2023 — FinCom formally cancelled BalansFX's membership.
• ● Reason for expulsion: "Multiple failures to comply with its rules" — this wording indicates that the firm committed systematic and repeated breaches. It was not a one-off error but ongoing non-compliance.
• ● Compensation fund unavailable: With the cancellation of the FinCom membership, BalansFX clients completely lost the right to benefit from the FinCom client compensation fund.
• ● No dispute resolution: After the expulsion, it is no longer possible to bring a complaint against BalansFX before FinCom. For victims this channel has closed entirely.

⚠️ Reports from Victims and Patterns Identified

Serious reports of harm from Turkish investors have been recorded about Balans FX:

• ● Withdrawal obstruction: When investors tried to withdraw the balances shown in their accounts, they met various obstacles and demands for extra fees. It is reported that additional payments were requested under the names of tax, commission and "verification".
• ● Aggressive adviser pressure: "Investment advisers" who made contact by phone kept trying to persuade investors to deposit more money. It is reported that trust was first built with small amounts and large investments were requested afterwards.
• ● Fictitious profit display: The profits shown on the platform are reported not to match real market data and to be fake figures designed to keep the investor investing.
• ● Website closure: The domain balansfx.com can no longer be reached — this suggests that the firm has ended its operations or continues its activities under a new name.

Firm Profile and Operational Details

Operational information identified about BalansFX:

• ● Claimed headquarters: London, United Kingdom — however, the FCA's classification of the firm as unauthorised raises doubts about whether this address is genuine. Fraudulent schemes often use prestigious cities as false addresses.
• ● Entry into the Turkish market: It began approaching Turkish investors around 2018. It adapted to the local market by offering Turkish-language customer service.
• ● Leverage: It is claimed to offer leverage of up to 1:500 — this is far above the levels allowed in regulated markets and dramatically increases the risk of the investor losing all capital quickly.

🛡️ Protection Guide

• ● Whether a firm appears on the list of authorised institutions can be checked at spk.gov.tr — BalansFX is not on this list.
• ● The FCA's warning list of unauthorised firms is a further source — BalansFX appears on the official blacklist.
• ● Platforms that offer extremely high leverage such as 1:500 carry a serious risk. In regulated markets these ratios are prohibited for retail investors because the whole capital can be lost in a single trade.
• ● The closure of a firm's website does not mean that the operation has ended. The same scheme may have started operating again under a different name — which is why an SPK licence check on any new platform is of critical importance.
• ● In cases of this kind, the records usually requested include account screenshots, bank receipts, telephone records and correspondence. For detailed information and legal support, you can contact Savun Law & Consultancy.

Frequently Asked Questions