The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued warnings against Dang Kang International Group and Profitix brokers. The regulator states the companies are not registered, licensed, or regulated in New Zealand and could be involved in a scam. 

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.

DangKang International Group Limited is a forex broker that claims to be located in New Zealand. The company also claims to be regulated in the UK by the Financial Conduct Authority. However, it is not licensed in the UK or any other country, and, moreover, it was even blacklisted by the FCA. With all these red flags, Dang Kang International Group shold definitely be avoided. 

Profitix is a forex broker, owned and operated by ProfitiX Ltd. The company is located and regulated 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. 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. 

We recommend to stay away from the unregulated brokers and pay more attention to the reliable and licensed ones. All the warnings from the regulators are meant to protect the public from fraudulent unlawful financial activity. You can share your Dang Kang International Group or Profitix experience with us by commenting on this post.  

Among the latest issued warnings of the UK’s Financial Conduct Authority (FCA) is the one against an unregulated financial services provider – company Brokerz that appears to target UK residents.

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.

Brokerz is a Forex and CFDs broker that operates through the website www.brokerz.com. The company is owned and managed by Brokerz ltd., based in St. Vincent and the Grenadines, means it is an offshore entity and there is a high risk for the customers when dealing with this firm. There is another company behind the brand's name, All Media EOOD that claims to be located in Bulgaria. However, the mentioned company is not regulated by the Bulgarian Financial Supervision Commission.

In addition, the FCA warning is not the first that Brokerz firm has got. It has also been blacklisted by the Austrian Financial Market Authority (FMA), which states that the broker is not entitled to carry out banking transactions in Austria that require a license.

Considering all the above, we don’t recommend this broker due to the lack of financial regulation and the warning from the authorities. All brokers licensed by UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS), which can pay up to £50,000 per client. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. You can read our review on this broker here.

The Financial Services and Markets Authority (FSMA) warns the public against the activities of Beflix and Trade Idea who are unlawfully operating in Belgium. The regulator has added that these trading platforms try to arouse consumers’ curiosity by placing scam ads on social media such as Facebook. In these fake ads, a well-known person often explains how to get rich quick.

The Financial Services and Markets Authority (FSMA) is the financial regulatory agency in Belgium. As a supervisory authority, the FSMA strives to ensure the honest and equitable treatment of financial consumers. It aims at the fair and orderly operation and the transparency of the financial markets by ensuring that listed companies provide correct and complete information.

According to the official statement, the victims who agree to invest with Beflix or Trade Idea complain in particular about finding themselves unable to recover their money, or simply not hearing any more from the platform with which they have invested their money.

Beflix is a Forex and CFDs broker, owned and operated by Altridium Group Inc., and incorporated in Seychelles. Seychelles is notorious for its practically absent requirements and regulations. Therefore, it became an offshore zone for shady forex brokers such as Hugo’s Way, Pari Fx Trade and more. We advise all the traders to avoid Beflix and other brokers from Seychelles. 

As to the Trade Idea Forex and Crypto broker, the company doesn't provide any information about its location as well as regulation. There are basically no legal proofs of this firm to be allowed to offer its financial services to the public. That is another type of brokers we would recommend traders to avoid. 

It is better to avoid dealing with unregulated and offshore brokerages and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or ASIC. 

You can also share your Beflix and Trade Idea experience with us by commenting on this post.

Canada’s regional regulator, the British Columbia Securities Commission (BCSC), has issued a warning against the forex, CFD and binary options broker Option888 and its owner Celestial Trading Ltd.
The British Columbia Securities Commission (BCSC) is an independent government agency responsible for the regulation of securities trading in British Columbia, Canada. The British Columbia Securities Commission is located in Vancouver, British Columbia, and aims to protect and promote the public interest in the securities markets by ensuring that securities traded within BC are done so fairly and with the public's best interests in mind.

According to the BCSC, Option888 claims to be an online Forex trading platform provider, and purports to have offices in “London, Sweden, Malta, Germany, Holland, Spain and France”. According to Option888’s website, Celestial Trading Ltd. owns and operates Option888. The broker had accepted funds from a British Columbia (BC) resident to trade with the company. However, the Parties are not registered to trade in, or advise on, securities or exchange contracts in BC.
As to the broker Option888 itself, the company provides a lot of confusing information, as it claims that Celestial Trading Ltd. is registered in Montenegro, but at the same time it is located in Seychelles. Meanwhile, the terms and conditions on the website state that the broker is dealing inder the laws of Cyprus. Also, the company that processes the payments, Celtic Pay Ltd., claims to be located in the UK, however, it is not regulated there.
In addition, the broker has been banned multiple times by different regulators such as Germany's BaFin and Austria's FMA. It is clear that Option888 has a lack of license adding the offshore registration, we would not recommend investing there. It is recommended to first check the lists of the regulated trustworthy brokers before making any investments. You can read our review on this broker here.