New Zealand FMA warns against TradeFintech firm
The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued a warning against FX broker Trade Fintech. According to the statement, the regulator is concerned that TradeFintech may be operating a scam and accordingly advises New Zealand residents to exercise caution before dealing with them.
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.
TradeFintech offers trading Forex and CFD and operates through the website www.tradefintech.com. Our main concern about the broker is the confusing information provided on the website, which doesn’t add much trust to it. The terms and conditions have two similar statements, the first one is that the company is operated by S.O. Strategic Partnership, based in Scotland, UK. The second statement is the broker is owned and operated by Fintech Technologies, located in the Marshall Island. Those brokers registered offshore are not considered as reliable ones, because they are basically are not overseen by any authority.
In addition, the UK’s Financial Conduct Authority has warned against TradeFintech in September 2018 and the broker has way too many negative reviews and obviously cannot be trusted. We always advise traders to avoid dealing with unregulated offshore-based forex brokers like TradeFintech, as most of them are involved in investment scams. There are a number of properly licensed brokers to choose from, like the ones regulated by the Financial Conduct Authority or the Australian Securities and Investment Commission. You can read our review on this broker here.