New Zealand’s Financial Markets Authority warns of Golden Financial
New Zealand’s Financial Markets Authority (FMA) has issued a warning against the Forex broker Golden Financial. The regulator states that GFS is not regulated in New Zealand as claimed on its websites and GFS is not licensed to issue derivative products (CFDs) to New Zealand retail investors.
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.
Let’s take a closer look at the broker itself. Golden Financial operates through the website www.gdfxuk.com and offers trading in foreign exchange, precious metals, securities, futures, stock traders. The company is owned and managed by Golden Financial Service Limited and claims to be located in London, UK. Also, according to the website Golden Financial has licenses from the UK’s Financial Conduct Authority and New Zealand’s Financial Markets Authority. However, it turned out the broker doesn’t hold these licenses and most probably could be involved in a scam.
The negative comments about the Golden Financial on the net also reveal that those who invested are having hard times with withdrawing their money, while the company representatives are cold calling them promising high returns.
Generally, it is highly recommended to avoid dealing with unregulated brokers or, worse still, with ones making false claims like Golden Financial. There are numerous properly licensed brokers, like the ones by FCA or the Australian Securities and Investment Commission to choose from.
You can read our review on this broker here.