Brits Lose £27m to Crypto and Forex Scams, says FCA

Regulator warns on social media ads promising high returns from online trading platforms, as victims lose £14,600 each

James Gard 21 May, 2019 | 8:36AM

Bitcoin

The Financial Conduct Authority (FCA) and Action Fraud have warned about the dangers of investing in crypotcurrency assets and foreign exchange markets. UK investors lost £27 million last year to frauduluent schemes promising high returns. 

The huge losses come after a boom in cryptocurrency trading, sparked by the popularity of Bitcoin. The digital currency attracted a raft of new investors after its value soared to almost £15,000 per Bitcoin at the end of 2017. But many investors suffered huge losses as its value more than halved in a matter of weeks.

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James Gard  is content editor for Morningstar.co.uk

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