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. 

Italy’s financial markets and service providers regulator CONSOB has issued a warning against a forex broker that is operating in violation of Italian law. The company is not regulated by any financial watchdog. In fact, it is registered in offshore zone, which suggests it might actually be a scam.

Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.

Tradeu2 is a Forex broker that operates through the website www.tradeu2.com and offers currencies, precious metals, commodities, CFDs and Futures trading options. The brokerage is owned and managed by the Sun Capital Limited, a St. Vincent and the Grenadines-based company. This is a jurisdiction where Forex license is not required. Moreover, local authority doesn't issue forex licenses, which mean that the broker is most probably a fraud.

Tradeu2 doesn't provide any contact information or any details about it's location. The terms and conditions on the website state that the company is under the jurisdiction of Cypres, however, the broker does not claim to be regulated by any governmental agency and it obviously isn’t.

As to the Sun Capital Limited, the company has been banned multiple times by different regulators including Swiss Financial Market Supervisory Authority warning and Autrian Financial Market Authority warning. Obviously, the company that has this kind of reputation cannot be trusted and we cannot recommend Tradeu2 (Sun Capital Limited) as a reliable investment entity.

It is better to choose among brokers licensed by the respective authorities in the UK, or Australia for example. For instance, a broker registered with the UK’s FCA can’t simply take investor’s money and disappear. They follow multiple reporting procedures and have to keep client funds segregated from the company’s.

You can read our review on this broker here.

The Switzerland financial markets and service providers regulator FINMA has warned of unregulated forex broker Swiss Assets FX. The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland. FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location but are not Swiss-regulated. According to the Swiss Assets FX website www.sfmsas.net, the company is located in Basel, Switzerland and is authorized by the Swiss Securities and Exchange Commission (‘SFMSAS’). Although there is no such institution as Securities and Exchange Commission in Switzerland and usually FINMA is the regulator who can provide with the trading license. Those companies that claim to be located and regulates in Switzerland without having an actual authorization in the country, are just trying to mislead the customers. As the first thought of a Swiss company is that it should definitely be reliable and properly registered. The negative comments about the Swiss Assets FX 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. It is better to avoid such unregulated brokers, especially when there are client complaints against them. It is always safer to deal with the regulated companies, especially by reputable agencies like FCA. You can read our review on this broker here.

Spain’s financial markets and services regulator CNMV issued a warning against CFXPoint. According to the public warning notice, CFXPoint, operated by KLDC Technological Systems Ltd., is not authorized to provide investment services or investment advice and auxiliary services, including foreign currency transactions in Spain.
The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.

CFXPoint is an offshore Forex and CFD broker. The company is owned and operated by the KLDC Technological Systems Ltd., based in the Marshall Islands. 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. Judging by the language options, the broker is mainly targeting Spanish-, Italian-, German-, Russian- and Arabic-speaking clients. Also, the contact phone number on the website is from the UK, although the company is not regulated to provide its financial services in the UK or any other country.
In addition, according to the website, the CFXPoint is a “self-regulation” entity that creates standards of operation by themselves and is not overseen by any other authority. Therefore, it is a high risk to trade, as the capital may be at risk due to the fact that none protection rules are implied, even though the company states so.
Moreover, the company has also been blacklisted by Italy's regulator CONSOB for offering and performance of investment services and activities to the public without being authorized in Italy.
It is now clear that CFXPoint is way too suspicious to be dealt with. Trading with a licensed broker ensures you will not have issues withdrawing your investment. The most trustworthy brokers are those registered with such regulators as FCA in the United Kingdom and ASIC in Australia. You can read our review on this broker here.