New Zealand’s FMA warns against AG Markets and Profitix

November 28, 2019 at 02:06 PM

The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued warnings against AG Markets and Profitix brokers. The regulator states the companies are not registered, licensed, or regulated in New Zealand and are not registered on the FSPR. 

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.

AG Markets offers a vast range of trading instruments including FX Pairs and CFDs including Commodities and Stock Indices. The broker is operated by ADVANCED GLOBAL MARKETS INC., registered in St. Vincent and the Grenadines. AG Markets doesn’t provide any information about its location or contact details, which is already a red flag. 

Profitix is a multi-asset broker that provides trading with Forex, Indices, Stocks and cryptocurrency. The company is owned and operated by ProfitiX Ltd. and regulated in St. Vincent and the Grenadines. The regulator states that individuals from Profitix have been contacting New Zealand residents with investment offers without having the legal right for that. 

We keep reminding that offshore zones are famous for their loose legal regimes, tax-free and low-cost licenses. They are basically not licensed, nor supervised by any authority. In addition, the regulator states that individuals from Profitix have been contacting New Zealand residents with investment offers without having the legal right for that. 

You can share your AG Markets and Profitix experience with us by commenting on this post.  

We always advise traders to avoid dealing with unregulated offshore-based forex brokers like AG Markets and Profitix, as most of them are involved in investment scams. There are a number of properly Regulated Brokers to choose from on our website. 

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