FINMA warns against Rocket Consultant Group
The Switzerland financial markets and service providers regulator FINMA has warned of unregulated forex broker Rocket Consultant Group.
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges, and securities dealers, as well as other financial intermediaries in Switzerland. FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location but are not Swiss-regulated.
The broker Rocket Consultant Group operates through the website www.rocketconsultantgroup.com and provides an online trading platform for Forex, Contracts for Difference and options. The company is owned and operated by Rocket Consultant Group Ltd. that claims to be based in Zurich, Switzerland. The broker also claims to have offices in Panama, Germany, and Hong Kong. In order to do business, the broker would need to get licenses from regulated in specific countries. However, it seems Rocket Consultant Group has been targeting traders from different countries without being authorized there and it is actually not licensed or overseen by any of the financial regulators.
In addition, the broker has one more warning and it is from the British Columbia Securities Commission. In its notice, the regulator states that Rocket Consultant Group accepted funds from a British Columbia (BC) residents to trade with the company. RCG is not registered to trade in, or advise on, securities or exchange contracts in BC.
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. It is better to avoid dealing with offshore brokerages and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or FINMA.
You can read our review on this broker here.