Infinox Review: FCA-Regulated but Not Licensed in Türkiye

🔴 Licence and Authorisation Status

• ● SPK licence: Infinox is not authorised in Türkiye by the Capital Markets Board (SPK). It has no authority to provide forex services to investors in Türkiye. The SPK prohibits foreign brokers from serving people in Türkiye.
• ● FCA regulation: Infinox Capital Ltd is regulated by the FCA in the United Kingdom. The FCA is one of the most respected financial regulators in the world. However, FCA regulation applies only to customers in the United Kingdom.
• ● Risk for investors in Türkiye: When services are offered to investors in Türkiye without an SPK licence, those investors cannot benefit from SPK protection or from the rights provided by the Turkish legal system.
• ● FSCS coverage: The FCA's investor compensation fund (Financial Services Compensation Scheme — FSCS) applies only to eligible customers in the United Kingdom. People in Türkiye are not covered by this compensation.
• ● Offshore operations: Many FCA-regulated brokers serve customers in other countries through offshore companies. In that case FCA protection does not apply, and customers are subject to the rules of the offshore jurisdiction.

⚠️ Points to Be Aware Of

• ● Service outside the SPK: Even if it is FCA-regulated, it is not lawful for Infinox to serve investors in Türkiye without an SPK licence. Investors in Türkiye who deal with this platform are left without legal protection.
• ● Offshore account risk: Where customers in Türkiye are served through an offshore company, FCA protection does not apply. The customer may be subject to the weak regulation of Seychelles, Mauritius or another offshore territory.
• ● Withdrawal problems: If problems arise in withdrawing money from offshore accounts, there is no effective mechanism available to investors in Türkiye.
• ● Tax and legal responsibilities: Transactions made with platforms that do not hold an SPK licence can create problems under Turkish tax legislation.
• ● The name credibility trap: Being FCA-regulated does not mean that the platform is safe for investors in Türkiye. Investors may feel reassured on seeing the FCA logo, but the protection that counts in Türkiye is an SPK licence.

📊 Structural Analysis

• ● The difference between the FCA and the SPK: The FCA is the financial regulator of the United Kingdom and provides broad protection for customers there. The SPK is the capital markets regulator of Türkiye. A lawful forex service in Türkiye requires an SPK licence. An FCA licence does not replace an SPK licence.
• ● Multi-jurisdiction operation: Large brokers may operate under different legal entities in different countries. The FCA-regulated company in the United Kingdom and the company serving customers in Türkiye may be different legal entities.
• ● Unauthorised access to the Turkish market: Offering forex services to people in Türkiye without an SPK licence is contrary to the Capital Markets Law. This creates legal risks for both the platform and the investor.
• ● Analysis of the name "Infinox": The name, derived from the word "infinite", creates an image of unlimited opportunity and growth. Combined with FCA regulation, it produces a strong perception of credibility.

🛡️ Protection Guide

• ● Checking the SPK licence: The list of authorised institutions is published on the official website of the SPK. Even if foreign brokers hold licences such as the FCA or ASIC, they cannot provide services in Türkiye without an SPK licence.
• ● Examining the offshore structure: With any broker, it matters under which legal entity the account is opened. An FCA-regulated company and an offshore company offer different levels of protection.
• ● An FCA logo is not enough: A platform carrying an FCA logo does not mean that it provides protection for investors in Türkiye. An SPK licence is the only protection mechanism that applies in Türkiye.
• ● Tax obligations: Transactions made with platforms outside the SPK system can create problems for tax returns and legal compliance.
• ● SPK-licensed alternatives: By dealing with SPK-licensed brokerage firms in Türkiye, investors benefit from legal protection and investor rights.

Frequently Asked Questions