Austria’s FMA has issued a warning against HybridReserve

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FMA logo

The Austrian Financial Market Authority (FMA) warns the public against the activities of HybridReserve a company that offers investments without complying with Austrian financial legislation. According to the official statement, HybridReserve (SingleBell Ltd.) is not entitled to carry out banking transactions in Austria that require a licence.

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.

HybridReserve logo

HybridReserve is a brokerage that provides an access to Forex, Crypto, Stocks, Commodities and Indices trading options. The company is owned and operated by SingleBell OU incorporated in Estonia, however, the broker itself is located in the St. Vincent and the Grenadines.

St. Vincent and the Grenadines is a popular offshore zone for the forex brokers as they can be easily incorporated under the countries law. Also, we should remind that FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.

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 FCA warns against Fun Managers and ProCapitalMarkets

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FCA Regulator

The UK’s Financial Conduct Authority (FCA) has issued warnings against Fun Managers and ProCapitalMarkets brokers. The regulator said the brokers have been providing financial services and products targeting people in the UK without being licensed.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.

Are these brokers legit?

Fun Managers logo

Fun Managers is a broker that offers trading foreign exchange, precious metals, energy and international indices. FunManagers is owned and operated by FUN MANAGERS. According to the website, Fun Managers is regulated by NFA under license No. 0524539. However, there is no such license registered with the National Futures Association. The company also claims to be located in London, UK without being licensed by its local Financial Conduct Authority. Also, there is literally no information and no reviews can be found on this broker online (probably it is a newly created company). 

ProCapitalMarkets claims to be one of the fastest growing online Forex trading brands. However, we have some doubts about its reliability. The broker is owned and operated by Pro-CM LTD. Those brokers registered offshore are not considered as reliable ones, because they are basically are not overseen by any authority. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines. Also, they provide a UK contact phone number, however, this company is not regulated in the UK. 

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and FXTM.

You can share your trading experience with Fun Managers and ProCapitalMarkets by commenting on this post.

New Zealand’s FMA warns against AG Markets and Profitix

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FMA logo

The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued warnings against AG Markets and Profitix 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.

AG Markets logo

AG Markets offers a vast range of trading instruments including FX Pairs and CFDs including Commodities and Stock Indices. The broker is operated by ADVANCED GLOBAL MARKETS INC., registered in St. Vincent and the Grenadines. AG Markets doesn't provide any information about its location or contact details, which is already a red flag. 

Profitix is a multi-asset broker that provides trading with Forex, Indices, Stocks and cryptocurrency. The company is owned and operated by ProfitiX Ltd. and regulated in St. Vincent and the Grenadines. The regulator states that individuals from Profitix have been contacting New Zealand residents with investment offers without having the legal right for that. 

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. In addition, the regulator states that individuals from Profitix have been contacting New Zealand residents with investment offers without having the legal right for that. 

You can share your AG Markets and Profitix experience with us by commenting on this post.  

We always advise traders to avoid dealing with unregulated offshore-based forex brokers like AG Markets and Profitix, as most of them are involved in investment scams. There are a number of properly Regulated Brokers to choose from on our website. 

Financial Options AFS licence has been cancelled by ASIC

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ASIC logo

ASIC has cancelled the Australian Financial Services (AFS) licence of Financial Options Pty Ltd (Financial Options) and also has permanently banned Queensland-based financial adviser Mr. William John Henry Houwing from providing financial services. Previously, in August 2019 we talked about the suspension of the company's license.

Mr. Houwing, of Esk, was a director and authorised representative of Financial Options. ASIC found that between 31 August 2006 and 15 May 2019, Mr. Houwing arranged for his clients to lend money to his related entities, including: Belbrooke Pty Ltd as trustee for the Belbrooke Administration Trust; Belbrooke Pty Ltd as trustee for the Belbrooke Mortgage Trust; and Ochkit Pty Ltd as trustee for the Houwing Family Trust.

ASIC has found several misconducts in Houwing actions. According to official statement, Mr. Houwing failed to act in the best interests of his clients by recommending that they allow their self-managed superannuation funds (SMSF) to lend money to his related entities. He also arranged loans from clients for his own use, and in some cases, benefited when he failed to repay the loans on time. Houwing had a conflict of interest as both a financial adviser and the recipient of the loans and failed to prioritise the interests of his clients over his own interests. He is not considered to be an adequately trained or competent to provide financial services and is not of good fame or character.

ASIC Commissioner, Danielle Press has commented, “The failure of financial advisers to act in the best of interests of their clients or to prioritise their clients’ interests over their own, not only harms their clients but also erodes public trust in the financial system. ASIC expects financial advisers to uphold the values of integrity and professionalism.”

The cancellation of Financial Options’ AFS licence follows the suspension of the licence on 26 August 2019, following concerns that Financial Options was not meeting its obligations as an AFS licensee. 

In cancelling the AFS licence, ASIC found that Financial Options had not complied with its financial requirements and had not done all things necessary to address ASIC’s concerns in relation to organisational competence, human resources and compliance requirements.

Mr Houwing’s banning will be recorded on ASIC's publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.

Mr Houwing and Financial Options have the right to seek a review of ASIC's decision by the Administrative Appeals Tribunal.

Dukascopy Bank SA opened a new representative office in Dubai

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Retail FX broker and bank Dukascopy, based in Geneva, Switzerland, has announced about the opening of its Representative Office in Dubai - Dubai International Financial Centre (DIFC). The Swiss brokerage has added one more location to its global network. The bank already has representative offices in Hong Kong, Kuala Lumpur, Moscow, Kiev and Tokyo.

Dukascopy Bank SA (https://www.dukascopy.com), the innovative Swiss online bank and marketplace offers online trading and banking services, and Electronic Communication Network spot forex liquidity available to individuals, banks, hedge funds and other financial institutions and investors. It is a provider of a direct access to the Swiss Foreign Exchange Marketplace.

This Swiss bank with headquarters in Geneva has received a license from the Dubai Financial Services Authority (DFSA) to be able to open its office in Dubai. The representative office is located in the Dubai International Financial Centre (DIFC). The Dubai office team will assist clients from Dubai and the Middle East in their dealings with the Geneva Headquarters.

The DIFC is popular enough among the globally operating financial institutions and has its own regulator, law framework and global financial exchange. It has a promising plans of establishing a bigger presence in the Middle Eastern region.

With the more severe situation on European market, brokerage companies are searching for option outside of the region and looking for an opportunity to expand the services and target new customers. The Middle East market is giving this opportunity, although the process of establishing there is quite complex. Having a physical location there is a big step towards a brand's success in the region.

 

Han Tan joins FXTM team as Market Analyst

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ForexTime FXTM review

Leading Forex broker FXTM has just announced that it has appointed Tan Chung Han (Han Tan) as a new Market Analyst of the FXTM Market Research team, with a focus on Southeast Asia (SEA).

As a new member of the FXTM Market Research team, Han will act as the voice and face for the FXTM brand within the Southeast Asia (SEA) region, providing regular market commentary on both local and international market news, and educational insights for all broker’s clients.

Welcoming Han to the company, Nicholas Defteras, Chief Executive Officer of FXTM, said:

“We are very pleased to welcome Han as the latest member of the FXTM family. Our company continues to grow at a rapid pace, as our brand expands its global footprint. The credible experience and profile of Han fulfils many core values of the FXTM brand and we look forward to the contribution of Han towards providing a client-centric approach with high-level market analysis and overall investment in client education. We have planned over 200 educational events globally this year, and Han will help execute some of our ambitious and ever-evolving educational offerings. We wish Han every success in his new role”.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) has been named as one of the world’s fastest growing brokers. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. You can check our full FXTM review here.

South Africa becoming Forex hub

Posted on by John Porter

It is a fact, Forex industry grows daily by bringing tempting opportunities and uniting millions of traders from every corner of the world and making things possible not only for “Trading Sharks” as before but even for a very beginning investors with zero experience.

Rising demand for Forex, trading and investments itself, however, attracts numerous scammers being even more “smart” as an increasing number of incidents shows. Even knowing that you should check brokers offering and its obligation towards regulatory restrictions and authorization risk remain high.

Being a dynamic industry, the biggest trump investors facing recently is that once news about ESMA leverage restrictions was confirmed, immediately traders started to search other opportunities beyond European offering, which are now also restricted from Australian brokers still allowing high leverage. So many investors had to fall under the trap of unscrupulous brokers, offshore entities or even scams that of course waited right behind the corner to offer allured opportunities. As we always warn our readers, never sign up with an offshore broker and check on the company regulation before any investment is done, read more about Unregulated Brokers here.

South Africa becoming Forex hub

Together with all the world trading and financial situations, indeed a global need for well-regulated and safe trading jurisdiction that do authorize Forex Brokers, oversee them but still allow competitive trading conditions became prominent. And here is where South Africa came, with its FSCA regulatory body and attractive opportunities to both brokers and traders. Discover more about FSCA regulation by the link.

South Africa Forex regulation FSCA

In fact, South Africa quickly becoming a leading hub for Forex Brokers while constantly improving its positions and developing networks, products or offering to the advantage of clients or traders that definitely assists in South Africa growth as Forex destination.

There are already numerous world-leading brokerage firms operating entity in South Africa and strongly comply with local Regulation FSCA, which including leading Brokers like FXTM, IG Group, HotForex, Plus500 and more, click by the links to know more about brokers offering in a detail. And of course, together with nowadays situation South Africa and all world communities expecting larger growth and expansion of the industry even further.

Getting Lower Costs on Shares with IBKR Fractional Trading

Posted on by John Porter

Fractional Share trading is now provided by one of the biggest global brokers - Interactive Brokers, in return removing some obstacles towards portfolio diversification on US securities and allowing to trade with smaller capitals.  

One of the most amazing features while trading fractional shares is that you may divide your investment amount and intersperse portfolio by putting smaller balances to stocks, which were unaffordable before for many investors due to high prices. Therefore, by bringing better possibilities to magnify returns, IBKR now offers a great possibility to enter into US securities by the amount you decide to place.

Discover more about Interactive Brokers Fractional Trading by the link.

Getting Lower Costs on Shares with IBKR Fractional Trading

Practically, you may purchase any amount of stock through the IBKR platform either $100 or $10,000 while placing an order in dollar amount, which is making your calculation of the position easier and of course less costly.

Fractional Trading from now on available on all Interactive Brokers platforms and accessible for new clients or existing ones using IBKR Lite or IBKR Pro accounts. Moreover, IBKR clients getting an opportunity to attractive costs and lower commissions through the mobile application IBKR Mobile App accessible for Android or iOS devices along with the latest improvements

IBKR mobile trading

Interactive broker is one of the largest global electronic broker and financial groups that serves over 650,000 clients worldwide, operating through over 125 exchanges in numerous countries and is globally known for its corporate and operational practices accompanied by high-end trading technology enabling vast trading opportunities on numerous instruments. What is more, IBKR by its true global coverage and huge volumes they operate recently not only provides wide access to numerous instruments but also eliminates trading costs by lower commissions and now by the possibility of fractional trade.

You may read full Interactive Brokers Review by the link and get to know about their offering in a detail, as well you may check other Regulated brokers for your consideration.

FBS Awarded as Best Copy Trade Program

Posted on by John Porter

On the last days of October 28-29, the FBS Team took honor to be an official sponsor of the Egypt Investment Expo 2019, which is one of the influential expos of the region featured by the financial enthusiast.

Together with its usual Expo program of Egypt Investment Expo, which is an annual event that focuses on the introduction of best financial industry opportunities to investors from Egypt and the Middle East in general, known as the MENA region and its swap-free trading. The part of the program is to select “Top 50 in Financial Markets” awards and to reward the best brokers or their offerings for the highest performance and achievements, as well to prize the participants and recognize the best of the best.

Award ceremony rewarded FBS broker even in two categories, you may read more about an event at the FBS website.

  • Best Copy Trade Program
  • Best Forex Broker in the Middle East

FBS Copy Trade was launched only a year ago and already achieved great results, as well as traders recognition that support the idea of social trading allowing investors with no previous experience to join trading in the best possible way.

Together with its advanced trading tools and fully intuitive design FBS truly developed great App allowing to choose from massive Traders network to either follow or enhance trading strategy.

FBS Awarded as Best Copy Trade Program

While FBS itself is an international broker, a multi-asset financial and copy trading provider that offers it’s unique and comprehensive trading opportunities to global traders while FBS is fully licensed by Cyprus CySEC, ensuring its transparency and safety. What is more, it is not the first award received by FBS, they been recognized timely by numerous prestigious awards for cutting-edge technology they provide to the Forex Market.

You may read full FBS Review by the link and get to know about their general offering in a detail, as well you may check other CySEC regulated brokers for your consideration.