New Zealand’s FMA warns against Selected Markets and GG Trade
The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued warnings against Selected Markets and GG Trade 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.
Selected Markets claims to be a leading FOREX trading company. It is owned and operated by Halsted Holdings Ltd, a company incorporated in St. Vincent and the Grenadines. 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.
Also, according to the regulators notice, Selected Markets could be involved in a scam. Australian Securities and Investments Commission has advised on their website that this company could be involved in a scam and is unlicensed in Australia.
GG Trade is a broker that offers Forex and crypto currency trading. The company is owned and operated by GGtrade international Ltd. This is pretty much all the information about the broker provided on its website. There is no contact or location details. Also, the link to its regulatory information doesn’t work, because it actually doesn’t exist.
In its warning, the FMA recommends exercising caution before dealing with GG Trade International Ltd, Jinshi Global Financial Group, Boulder Wealth GG Trade and their website www.ggtrade.vn. The website claims to be a New Zealand FSP alongside a statement ‘veteran global financial service provider’. The entity is not registered on the Financial Service Providers Register in New Zealand.
You can share your Selected Markets and GG Trade experience with us by commenting on this post.
We always advise traders to avoid dealing with unregulated offshore-based forex brokers, as most of them are involved in investment scams. There are a number of properly Regulated Brokers to choose from on our website.