FMA of New Zealand has issues a warning against MaxCFD
The Financial Markets Authority of New Zealand (FMA) have issued a warning against MaxCFD, an unauthorized company offering Forex trading, broker assisted trading accounts, full service trading accounts and self-directed trading account. The regulator has received a report about unreasonable and unexplained withholding of client funds by MaxCFD operated by Chemmi Holdings Ltd. The Financial Markets Authority (FMA) plays a critical role in regulating capital markets and financial services in New Zealand. It is the New Zealand government agency responsible for enforcing securities, financial reporting, and company law as they apply to financial services and securities markets. MaxCFD offers trading Forex and CFD and operates through the website www.maxcfd.com. The broker is owned by Chemmi Holdings Ltd. based in London, United Kingdom. There is also a regulation number of this company, but they don’t mention any specific regulator. If the company is located in United Kingdom, then the regulator is FCA, there are no records about MaxCFD being registered there. Moreover, the broker has been blacklisted by UK’s FCA as well. Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). These are well respected institutions, also enforce strict regulatory standards upon all brokers in their jurisdictions. You can read our review on this broker here.