The Austrian Financial Market Authority (FMA) warns the public against the activities of two forex brokers Morgan Trust and ICTrades. These companies have been offering investments without complying with Austrian financial legislation. According to the official statements, Morgan Trust and ICTrades are not entitled to carry out banking transactions in Austria that require a licence.

The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.

Are these brokers legit?

ICTrades is an online Forex broker. It is a trading name of Pro Star Griffith Corporate, registered in Saint Vincent and the Grenadines. Besides its offshore location, which is already a red flag, Pro Star Griffith Corporate itself has a quite bad reputation. We have reviewed some brokers operated by Pro Star Griffith Corporate (including Traderia, Finroyalty and GoldenCFD) and we do not recommend dealing with either of them. 

The same issue is with the Forex broker Morgan Trust. The company is owned and operated by GreenRiver OU, with a registered address in Tallinn, Estonia. GreenRiver OU operates some other brokers that we have previously reviewed (GCC Investing, Jones Mutual and InvestTeck) and has been blacklisted by several regulators in Europe. Obviously, all the brokers associated with the GreenRiver OU should be avoided. 

It is important to also check the companies behind the brand's/broker's name, as well as all the legal and contact details. When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk. 

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and FXTM.

You can also share your trading experience with Morgan Trust and ICTrades by commenting on this post.