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Austria’s FMA has issued a warning against Profit Trade

Posted on March 5, 2019June 1, 2023 by bar

The Austrian regulator FMA (Financial Market Authority) has issued a warning against Forex and CFD broker Profit Trade. The brokerage firm was offering financial products and services to Austrian residents without being authorized in the country.

The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.

Profit Trade logo

Profit Trade is a broker that offers trading on 200+ symbols including Crypto, Currencies, Commodities and CFD's. The company is owned and operated by Global Top Marketing LTD., registered in the Marshall Islands, which means it is an offshore entity and there is a high risk for the customers of losing their investments when dealing with this firm.

The company doesn't disclose any information about its regulation as well as its location. They provide contact numbers with British country codes, although, the company is not authorized to provide financial services in the United Kingdom. In addition, numerous negative reviews from the scammed clients only prove that Profit Trade cannot be trusted.

The first thing the potential investor should do when he is choosing a trading company is to determine if it is a legitimate broker or a scam broker. It is very easy to do. You just need to check if the broker is licensed by CySec in Cyprus, or it is under the regulation of the MIFId in the European Union (EU), or it is registered with the UK’s FCA or Australian ASIC. You can read our full review on this broker here.

Austria’s FMA has issued a warning against TradeToro broker

Posted on April 17, 2019June 1, 2023 by bar

Austria’s financial markets and services providers regulator FMA warned that the Forex and CFD broker TradeToro is not licensed to offer its services in Austria. Therefore the acceptance of funds from other parties on a commercial basis for management purposes or as deposits is not allowed.

TradeToro offers over 120 trading instruments including currency pairs, commodities, CFDs and indices. The company is owned and operated by Ivory Group Limited, based in Dominica, which means it is an offshore entity and there is a high risk for the customers when dealing with this firm. We have found out that previously the company claimed to be registered in St. Vincent and the Grenadines. However, the information has been changed not long ago.

In addition, there are a lot of complaints can be found on the net about negative experiences of the customers. People state that they've been losing huge amount of money with this broker, when managers were still promising profits and asking to invest more.

When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence. 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 United Kingdom and ASIC in Australia. You can read our review on this broker here.

IG Group hires Max Hayden as new Global Head of Institutional Sales

Posted on January 29, 2020June 1, 2023 by bar

UK online trading leader IG Group Holdings plc has announced the appointment of Max Hayden as Global Head of Institutional Sales. With the help of Mr. Hayden the company expects to further strengthen its institutional business as part of its wider strategic investment for growth.

Mr. Hayden is based at IG’s offices in London and reports to Fouad Bajjali, CEO of IG Bank SA, who leads IG’s global institutional business.

Mr. Hayden has a quite impressive portfolio with over 30 years of experience in the prime brokerage field. For the last 2 years, he has been a CEO at ITI Capital, a private equity-owned brokerage. Prior to that, he has served as a Managing Director at a Russian-based specialist broker BCS Global Markets. He also spent a big part of his career working at Bank of America Merrill Lynch, where he has taken mostly senior management positions and was responsible for the International Prime Brokerage product.

CEO of IG Bank SA and head of IG’s global institutional business, Fouad Bajjali has commented on the appointment: "Max has a proven track record of client focus and helping to develop businesses. His appointment demonstrates our clear commitment to grow and build our institutional business, which is a key growth opportunity within IG’s wider strategy of achieving a 30% increase in revenue by FY22. Max will manage a growing global team with a focus on the UK, Switzerland, Middle East and North Africa (MENA) and Asia-Pacific and will address the specific needs of hedge funds and family offices."

Max Hayden has also commented on his new role: "I am delighted to join IG Group, which has such a strong brand and reputation and a clear focus on growing its offering for institutional clients. I look forward to building relationships and providing new opportunities for new and existing institutional clients."

You can read our full review for one of the IG Group firms, IG Markets.

New Zealand’s FMA blacklisted unregulated forex broker MYfintec

Posted on December 24, 2018June 1, 2023 by bar

The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued a warning against FX broker MYfintec. The regulator noted that MYfintec is not registered on the Financial Service Providers Register nor authorized as a financial adviser and is therefore not permitted to provide these financial services to New Zealand residents.

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. MyFintec offers trading Forex, CFDs on indices, stocks, commodities, and cryptocurrencies. The company is owned and operated by an offshore-based company Kin Ltd. It claims to be registered in the Marshall Islands. Those brokers registered offshore are not considered as reliable ones, because they are basically are not overseen by any authority.

In addition, the official notice of the FMA states that the regulator is concerned that MYfintec has the hallmarks of a scam, including withholding client funds, the pressure to invest more before being able to withdraw funds, and bank accounts that do not match the company name.

We always advise traders to avoid dealing with unregulated offshore-based forex brokers like MYfintec, 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.

FMA in New Zealand warns against Everest International Group Ltd

Posted on June 20, 2018June 1, 2023 by bar

New Zealand's Financial Markets Authority (FMA) warns the public against doing business with or through Everest International Group Limited (now Everest Peak Technologies Limited) and its website www.everestinter.com. 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. Everest International Group Ltd offers Forex and CFD trading and claims to be regulated in New Zealand. Their website says that the company is certified and regulated by FSP's (Financial Service Providers) top financial regulator. But they never mention the name of the regulator. The phone number with New Zealand's country code is the only contact that can be found on the website. They also state the firm is headquartered in New Zealand, although the company is not registered in the country to provide its financial services and products. There are also numerous reviews from the angry clients about this company on the Internet. Those who invested say that it is not possible to withdraw money from their accounts with the Everest International Group Ltd as all their requests are simply ignored. It is recommended to avoid dealing with unregulated brokers, especially, when they don't provide regulation information on their websites. There are a lot of 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.

HFM Introduces a New App Version

Posted on October 10, 2022May 31, 2023 by Adam Smith

An all-around trading experience is now at the client’s reach with the new feature-packed mobile trading application from an award-winning broker HFM.

To enhance its offerings further and satisfy the needs and expectations of its constantly growing client base, Global multi-asset broker HFM has developed a new mobile application. The app is available for both Android and iOS users. Combining HFM’s industry-leading conditions and cutting-edge technology, the app takes the trading experience to another height.

It is now possible for clients to have access to their accounts, trading CFDs on more than 1200 assets immediately on the app. The award-winning broker HFM enables simple and ultra-fast trade execution and customizes the trading with three trading options, that is Amounts, Lots, or Units. Moreover, traders have access to a detailed history of each trade. This allows them to analyze their prior performance, monitor their positions 24/7, and enjoy trading from any spot.

HFM spokesperson proudly announced that the newly released HFM mobile trading app is a result of months of development and painstaking testing. According to his words, their aim is to make mobile trading possibly intuitive and practicable, enabling traders to enter global financial markets effortlessly and enjoy smooth trading.

Real-time prices, automatic market notifications, advanced charting functionality, powerful trading tools, and market analysis can all be found on HFM’s mobile application. Still, HFM doesn’t stop here and endeavors to introduce even more updates and functionalities directed at enhancing user experience and satisfying the expectations for over 3.5 million live accounts all over the world.

To learn more about the newly introduced features, visit the HFM App page.

About HFM

HFM, known as HotForex and a brand name of HF Markets Group, is an internationally acclaimed multi-asset broker. It has acquired more than 60 coveted industry awards, being the choice of over 3.5 million live accounts all over the world. Among the company’s offerings are a wide variety of account types, innovative products, cutting-edge platforms, tools, and educational resources. HFM also offers outstanding customer service and exceptional trading conditions.

Italy’s CONSOB Takes Action Against Surge of Unregulated Platforms

Posted on May 29, 2023May 30, 2023 by Adam Smith

Italy’s financial markets watchdog, Commissione Nazionale per le Società e la Borsa (CONSOB), has issued a stark warning concerning a rise in unregulated investment platforms operating within its jurisdiction. The regulator is urging individuals to exercise vigilance and caution while engaging in financial transactions.

In its latest enforcement action, CONSOB ordered Internet Service Providers (ISPs) to block access to five offshore websites found to be operating illegally within Italy. This move is part of the nation's wider campaign to combat the growing threat of unauthorized providers.

Among the blocked sites is a clone scam of Nadex, the North American derivatives exchange. This fraudulent platform is designed to deceive investors into believing they are dealing with a legitimate, regulated entity. Once lured into this trap, victims' personal and financial information is exploited for a variety of illicit purposes, including identity theft and unauthorized financial transactions, often leading to substantial losses from drained bank accounts.

For clarity, Nadex remains the only ‎legal way to trade binary options and spreads in the US. The firm, which ‎provides investors with the opportunity to trade stock indices, forex, commodities, ‎economic events, and Bitcoin, is regulated by the CFTC as a Designated ‎Contract Market and Derivatives Clearing Organization.‎

As the battle between legal and unregulated trading intensifies, CONSOB has issued a warning to Italian investors advising against using services from the following entities:

“Prime Markets” (website: https://primemarkets.co.com; page: https://my.primemarkets.co.com);
“Fintech Market” (website: www.fintechmarket.consulting; related page: https://cfd.fintechmarket.consulting);
Nadex CFD Limited (website: www.nadexcfd.com; related pages: https://my.nadexcfd.com, https://webtrader.nadexcfd.com);
Luxem Capital, Inc. (website: https://luxemcapital.com).

Upon review, the websites of these blocked brokers demonstrate a common tactic of targeting inexperienced clients with offers to trade highly leveraged products.

Since acquiring the power to ban unregulated financial intermediaries in July 2019, CONSOB has blocked a staggering 898 offshore sites. The regulator’s ultimate goal is to completely eradicate unlicensed trading from Italy, ensuring a safer ecosystem for local investors.

To achieve this, CONSOB employs a combination of AI-based search algorithms, investigations, and customer reports to identify rogue offshore operators. The 'Growth Decree' has further expanded CONSOB's power, enabling it to order ISPs to block websites within the region. However, due to technical limitations, it may take several days for such a blackout to come into effect.

We strongly advise against trading with offshore trading providers due to the increased risk of fraud. Always ensure that your chosen provider adheres to the regulatory standards set forth by your country.

Axiory Introducing the CopyTrade App Adding to its Great Achievements

Posted on December 20, 2021May 29, 2023 by bar

Global multi-asset broker Axiory has launched its brand new FCA regulated social trading platform, the Axiory CopyTrade app. This app allows traders can copy successful strategies or become master traders and build a global following.

“The Axiory CopyTrade app has been a part of our strategy since 2020. We wanted to make trading even more accessible, and what better way to get into trading than to mimic the strategies of already established traders?” said Marketing Director Dominic Poynter. “This is a chance for traders to expand their trading horizon and portfolio with the guidance of professionals and simultaneously take advantage of this environment to learn about strategies and the dos and don’ts of trading.”

The app provides access to hundreds of strategies created by ‘Master Traders’ and gives an opportunity for other traders to mimic them into their own accounts. This allows them to get the percentage returns of successful traders, eliminating days of research and analysis.

This new Axiory CopyTrade app is beneficial not only for the beginners, but also for the professional traders who can become master traders and use their proven results to grow their following within and outside of the app. Of course, even advanced traders can still benefit by following existing strategies and cutting hours and days of research, while still controlling the specifics of their position including size, budget, risk management tools, and closing their positions whenever they deem necessary.

Axiory CopyTrade can be downloaded on all iOS and Android devices and traded on Axiory’s Max account.

Earlier this year, Axiory expanded into a multi-asset broker introducing stocks and ETFs on its dedicated investment account. With the Axiory CopyTrade app, the award-winning company widens its scope and fills a new market gap that can attract new traders.

“We aim to be as inclusive as possible, offering a variety of products and services. Not only does this cater to the needs of a wider audience, but it also allows every individual trader to expand their opportunities and dip into different markets through different platforms,” said Poynter.

During the last year Axiory has managed to reach new highs, including a new rebranded website, expanding into investment products, introducing the MT5 platform, winning multiple global awards, and running a massively successful 50% bonus campaign, which still remains active till the first quarter of 2022.

Orbex Successfully Exhibits at the Dubai Forex Expo 2022 as Titanium Sponsor

Posted on November 7, 2022May 29, 2023 by Adam Smith

Orbex Exhibition at the Dubai Forex Expo 2022

International multi-regulated broker Orbex emerged as one of the most outstanding exhibitors at the 2022 Dubai Forex Expo, which took place at the World Trade Center from October 19 to 20. There Orbex had the chance of displaying its trading offerings and goods at the biggest yearly trading exhibition in the Middle East as one of this year's Titanium sponsors.

Over 120 international and regional fintech companies participated in the event which lasted two days and that took place in the center of one of the UAE's most important financial hubs and drew over 10,000 attendees. On stage, more than 80 speakers and business leaders shared their knowledge and expertise with visitors at the exhibition. Among them were Orbex’s representatives and leading market analysts who presented their exclusive "2023 Q1 Market Outlook" projections and participated in a panel discussion on "Asset Classes and Central Banks".

Orbex’s delegation was able to meet with hundreds of partners and traders and showcase the company’s products, B2C and B2B, and services at their eye-catching Titanium stand at Booth #20. The Orbex stand enjoyed a rather impressive turnout, as the broker chose to unveil its new Affiliation program exclusively at the expo and hosted a series of meetings, prize draws and VIP events to engage with their clients, partners, and expo attendees.

At a special award ceremony that took place at the conclusion of the Dubai Forex Expo, Orbex was also awarded the title of "Best FX Educational Broker in MENA 2022" in recognition of its long-standing dedication to offering clients quality research tools and teaching in both English and Arabic. It's also important to note that earlier this year, the renowned fintech publication and awarding body World Finance recognized Orbex's Research team as the "Best Forex Research and Education Provider 2022".

You can watch some of the highlights from Orbex’s latest exhibition at the Dubai Forex Expo 2022 here.

About Orbex

Orbex is a leading global investment services firm offering award-winning forex and CFD trading services at some of the most competitive conditions. Since its inception in 2011, Orbex has committed to providing access to first-in-class trading and investing solutions that are backed by leading education, expert research tools and the ongoing support needed to assist clients in navigating the global financial markets.