Han Tan joins FXTM team as Market Analyst

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Leading Forex broker FXTM has just announced that it has appointed Tan Chung Han (Han Tan) as a new Market Analyst of the FXTM Market Research team, with a focus on Southeast Asia (SEA).

As a new member of the FXTM Market Research team, Han will act as the voice and face for the FXTM brand within the Southeast Asia (SEA) region, providing regular market commentary on both local and international market news, and educational insights for all broker’s clients.

Welcoming Han to the company, Nicholas Defteras, Chief Executive Officer of FXTM, said:

“We are very pleased to welcome Han as the latest member of the FXTM family. Our company continues to grow at a rapid pace, as our brand expands its global footprint. The credible experience and profile of Han fulfils many core values of the FXTM brand and we look forward to the contribution of Han towards providing a client-centric approach with high-level market analysis and overall investment in client education. We have planned over 200 educational events globally this year, and Han will help execute some of our ambitious and ever-evolving educational offerings. We wish Han every success in his new role”.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) has been named as one of the world’s fastest growing brokers. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. You can check our full FXTM review here.

CySEC has reached a settlement with CIF Hoch Capital Ltd.

Regulator CySEC

The Cyprus Securities and Exchange Commission (CySEC) announces that it has reached a settlement with Cyprus Investment Firm Hoch Capital Ltd. This firm operates the brand iTrader. The firm has agreed to pay €200,000 related to a compliance investigation started by the regulator.

The iTrader has operated since 2012 and gained a reputation for success, leading to a stable base of worldwide users who make thousands of trades every month. The company headquarters in Cyprus, while holding internal lines of various countries for direct connection with their clients, the lines include Russia, Spain, Germany, France, UK, Italy, UAE, Norway and more. You can read our full iTrader review here.

iTrader Review

A settlement has been reached for possible violations of The Investment Services and Activities and Regulated Markets Law. More specifically, the investigation for which the settlement was reached, involved assessing the Company’s compliance with the general principles for the performance of investment activities and the general principles and information to clients.

CySEC notes that all amounts payable from settlement agreements are considered revenue of the Treasury of the Republic and do not constitute income of CySEC.

The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. It supervises and controls the operation of the Cyprus Stock Exchange, grants operation licenses to investment firms, including investment consultants, brokerage firms, and brokers, impose administrative sanctions and disciplinary penalties. You can read the detailed article about the Cyprus Securities and Exchange Commission here.

Forex broker FXTM gets a regulatory license in Mauritius

ForexTime FXTM review

Forex broker FXTM has recently announced that it got a license from the Financial Services Commission (FSC) in Mauritius. The FXTM brand is also regulated through the FCA, CySEC and the FSCA which are amongst the most stringently regulated financial authorities.

FXTM holds the continual offering of excellent trading conditions at the heart of its values and the company is thrilled that this development represents another milestone in its international growth strategy, while also emphasizing the brand’s commitment to operating to the highest regulatory standards.

The brand is focusing on building a wider international presence while maintaining the quality of service available on its platform. FXTM spokesperson has commented on the latest announcement: “Mauritius is fast becoming an internationally recognized financial supervisor with a strong legal framework, providing protection to the public in non-banking financial products.”

International customers will now have the opportunity to receive services through Mauritius. Clients will continue to enjoy the same great service they have come to expect from FXTM.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) been named as one of the world’s fastest growing brokers. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. You can check our full FXTM review here.

FCA fines UBS AG £27.6 million for transaction reporting failures

FCA Regulator

UBS AG (UBS) has been fined £27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

UBS has been found to have failed to ensure it provided complete and accurate information in relation to approximately 86.67 million reportable transactions. It also erroneously reported 49.1 million transactions to the FCA, which were not, in fact, reportable. Altogether, over a period of nine and a half years, UBS made 135.8 million errors in its transaction reporting, in violation of FCA rules.

The FCA also found that UBS failed to take reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting. These failings related to aspects of UBS’s change management processes, its maintenance of the reference data used in its reporting and how it tested whether all the transactions it reported to the FCA were accurate and complete.

UBS agreed to resolve the case and so qualified for a 30% discount in the overall penalty. Without this discount, the FCA would have imposed a financial penalty of £39,427,795.

FCA Executive Director of Enforcement and Market Oversight, Mark Steward, commented:

“Firms must have proper systems and controls to identify what transactions they have carried out, on what markets, at what price, in what quantity and with whom. If firms cannot report their transactions accurately, fundamental risks arise, including the risk that market abuse may be hidden.”

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. You can read a detailed article about why traders should choose UK brokers.

Retail forex broker Colmex Pro gets €50,000 CySEC fine for the Markets Law violations

Regulator CySEC

The Cyprus Securities and Exchange Commission (CySEC) has announced that it has reached a settlement with Colmex Pro Ltd, a Cyprus investment firm. The settlement reached with the Company, for the possible violations, is for the amount of €50.000. The Company has paid the amount of €50.000. It is noted that the amounts payable from settlement agreements are calculated as revenue (income) to the Treasury of the Republic and not as an income for CySEC.

The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. It supervises and controls the operation of the Cyprus Stock Exchange, grants operation licenses to investment firms, including investment consultants, brokerage firms, and brokers, impose administrative sanctions and disciplinary penalties. You can read the detailed article about the Cyprus Securities and Exchange Commission here.

According to the official notice, a settlement has been reached with the Cyprus Investment Firm ColmexPro Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007, and of the Directives issued thereof.

More specifically, the investigation, for which the settlement was reached, involved assessing the company’s compliance with the articles, according to which a Cyprus Investment Firm (CIF) must, at all times, comply with the conditions under which authorisation was granted, and relating to conduct of business obligations when providing investment and ancillary services to clients.

Colmex Pro operates on global currency markets since 2009. During seven years of operation, Colmex Pro trading has grown to a major global provider of online CFDs, Shares, Forex, Commodities and Indices trading. And with reliable CySEC regulation, low fees, and round-o-clock multilingual client support the broker has settled itself among the leaders in the industry.

A UK Brokerage ThinkMarkets acquires license from the FSCA

ThinkMarkets has been awarded a licence by the Financial Sector Conduct Authority (FSCA) to offer electronic financial trading services to South African investors.

2010 saw the launch of ThinkForex in New Zealand with an aim to improve the forex trading experience by delivering leading technology to the community. Further, due to the company’s rapid expansion program and to meet growing demand the broker took a brand name ThinkMarkets to improve client security under ASIC and FCA, the company relocated global headquarters to London and Melbourne. You can read our full ThinkMarkets review.

former ThinkForex review

South Africans will be able to begin trading on the ThinkMarkets platform from 1 April 2019 with the confidence of a locally regulated firm. The local business will cater to the needs of South African traders and offer ThinkMarkets’ wide product range. An office will also be set up in Johannesburg.

ThinkMarkets plans to offer a range of South African products including Rand based currency pairs such as USD ZAR, GBP ZAR and EUR ZAR as well as CFD indices and equity derivatives that are actively traded by investors on the Johannesburg Stock Exchange.

“We are delighted with our newly approved licence which is a testament to our commitment to offering contracts for difference (CFDs) and forex to global traders with the confidence of a regulated and safe trading environment,” Faizan Anees, managing director and co-founder of ThinkMarkets said.

ThinkMarkets is not the only brokerage, or the first one, who decided to expand its business in South Africa. Some of the largest brokerages have already expanded their footprints there and are already providing their service to SA residents. Many of the international brokers in South Africa are now in the process of obtaining the license from the  FSCA.

OctaFX got licensed in Cyprus, to work with EU clients again

Regulator CySEC

OctaFX has confirmed that it got licensed by the Cyprus Commodities and Exchange Commission (CySEC). This license will allow the broker to operate an EU-based subsidiary and work with EU residents. According to the regulator’s register, OctaFX will be operating in Europe under the domain www.octafx.eu.

OctaFX is currently owned and operated by Octa Markets Incorporated, a company registered in St. Vincent and the Grenadines. Initially an offshore broker, OctaFX had a UK entity with an FCA license, however it was suspended in April 2017. It seems like the brokerage has decided to relaunch EU operations via a Cypriot company (Octa Markets Cyprus Ltd.). You can read our full OctaFX review here.

The new regulatory framework introduced last year in August across the EU forex market has reshaped the whole retail forex industry and as a result, a lot of brokers have switched offshore. Those companies who wish to continue operating in Europe will most probably go through a licensing process in either Cyprus or Malta, as OctaFX already did.

According to the license type, OctaFX will be allowed to offer investment services (including reception and transmission of orders in relation to one or more financial instruments; Execution of Orders on Behalf of Clients; Dealing on Own Account) and ancillary services (including safekeeping and administration of financial instruments and foreign exchange services where these are connected to the provision of investment services).

Cyprus is a jurisdiction with a solid financial services sector. Very much like the UK, Cyprus has strong regulations and more importantly strict customer protection rules. Cypriot Investment Firms (CIFs) are required to report their transactions to the local financial watchdog, the Cyprus Securities and Exchange Commission (CySEC) on a regular basis. Besides, CIFs must hold at least €730 000 as a proof of their financial stability and keep client funds in segregated accounts, separated from company’s operational funds. You can read more about CySEC here.

Dukascopy Warns Clients GCG Asia (Fake Website 2019)

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Switzerland-based forex bank and broker, Dukascopy, has warned customers that forex trading company GCG Asia is fraudulently claiming to be the bank’s authorized firm.

In the announcement, Dukascopy Bank cautions  that neither it nor any entities of Dukascopy Group have relations with GCG Asia, although the latter fraudulently claims the opposite:

“Please mind that contrary to the fraudulent allegations of GCG Asia, GCG Asia is not in collaboration with Dukascopy Bank or with any other entity of Dukascopy Group.GCG Asia is fraudulently using Dukascopy’s name and logo for attracting clients/investors, without Dukascopy Bank’s permission.”

The bank announced that it has taken legal action to stop the sham organization from misusing its name and logo. Customers were warned that GCG Asia is not a member of Dukascopy Group and none of its entities are associated with it.

Dukascopy is a Swiss innovative online bank based in Switzerland and operating since 2004, providing online and mobile trading, banking and other financial services through technological solutions. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority FINMA as a bank and a securities dealer. As well due to international presence, the bank holds authorization from FCMC regulatory in Latvia and FSA Japan. You can read our full Dukascopy review here

Dutch regulator fines FPlus Trading for misleading claims about license

The Dutch Authority for the Financial Markets (AFM) imposed an order for incremental penalty payments on FPlus Trading Ltd. (FPlus Trading). The order for incremental penalty payments was imposed because on its website (https://fplus.ai) FPlus Trading wrongfully states that it trades with an AFM license. This means that FPlus Trading misleads consumers and breaches the Consumer Protection (Enforcement) Act.

The Netherlands Authority for the Financial Markets is the body responsible for regulating behavior on the financial markets in the Netherlands. This includes regulating the behavior of all parties involved with the savings, loans, investment and insurance markets. It includes regulating all organizations that provide financial products and those that issue products, including stock exchanges.

According to its website, FPlus Trading is a trading platform where consumers can trade in currencies (including crypto currencies) commodities, shares and indices. The company says that it holds an AFM license for this purpose. However, FPlus Trading abuses the trade name and license number of an AFM licensee and thus misleads consumers. The AFM did not grant FPlus Trading a license.

By means of the order for incremental penalty payments, the AFM obliges FPlus Trading to cease these acts and provide consumers with information regarding FPlus Trading that is correct and not misleading. FPlus Trading will be obliged to pay a penalty if it fails to comply with the order within five working days. The penalty amounts to €5,000 for each calendar day FPlus Trading fails to comply, subject to a maximum of €50,000. FPlus Trading failed to comply with the order (in time) and must, therefore, pay a penalty.

The regulator explains that an order for incremental penalty payments is an instrument that is used to instruct or order a company or person to perform or cease performing a certain act. A specified amount of money must be paid if the order is not complied with within the term set.

OANDA CEO Vatsa Narasimha is leaving his position

OANDA review

After serving as CEO of the retail brokerage for over 2 years, Vatsa Narasimha has decided to leave his position for personal reasons. Now the retail broker is looking for a new CEO. Vatsa Narasimha will continue working for the company as a Non-Executive Director.
With a demonstrated track record in driving growth among both financial services institutions and FinTech companies, Vatsa Narasimha is the President and Chief Executive Officer of OANDA Corporation, based in New York. Originally the firm’s CFO and Chief Strategy Officer, he joined OANDA from The Boston Consulting Group, where he worked with leading financial institutions all over the world on a variety of growth strategy, corporate development, and operational issues. He holds a Master’s degree in Electrical Engineering from Cornell University as well as an MBA in Mergers & Acquisitions from The Wharton School of the University of Pennsylvania.
OANDA is a technology-driven, a financial services corporation founded in 1996. OANDA is a leader in currency data, offering forex & CFD trading (over 100 instruments, including currency pairs, indices, commodities, bonds, and metals), corporate fx payments and exchange rate services for a wide range of organizations and investors. Company’s regulations are divided by the geographical region of the company presence: OANDA Europe Limited – authorized by FCA (UK), OANDA Asia Pacific Pte Ltd – authorized by MAS (Singapore), OANDA Australia Pty Ltd – authorized by ASIC (Australia), OANDA (Canada) Corporation ULC is regulated by the IIROC. You can read our full OANDA review here.