FxPro extends McLaren F1TM partnership

FxPro a UK based and international broker announced its expansion of partnership or better to mention sponsorship of McLaren F1TM Racing Team.

It is already the second year in a row FxPro cooperates with McLaren and is eventually a historical partnership that continues to support both excellence and latest innovation. (You may read our FxPro news published back in 2018.)  

It is an interesting fact that both organizations sharing similar splendid achievements in the industry they operate, which makes cooperation a unique joint venture. The FxPro branding will now be placed to the front wing and cockpit of the McLaren F1TM racing cars participating in the Australian Grand Prix 2020. Read more about FxPro and McLaren F1TM partnership by the link.FxPro extends McLaren F1TM partnership

Needless to say that both organizations are thrilled for further achievements and even better challenges to come. As the FxPro process over 7,000 orders every second it knows perfectly well what technical capability and pressure mean, which is also another point on connection between FxPro and McLaren F1TM.

As Ilya Holeu, Chief Marketing Officer FxPro mentions:

“We are very excited about our continuing collaboration with McLaren starting from 2020. There is a powerful connection between the philosophies that underlie each of our companies, and here’s hoping it’s a great new year for both organizations, driven forward by even higher levels of determination, expertise and the all-important technological edge that makes the difference.”FxPro Review

Overall, FxPro as a trading brand and a quite widely known brokerage firm started its operation in 2006 and ever since shows its constant growth, appreciation to innovations and being famous for its client-centric approach. Among its numerous benefits and trading opportunities, we should admit great variety of assets to trade, unparalleled NDD execution and of course a pricing strategy they offer.

However, you may read full FxPro Exchange Review by the link and get to know about their offering in a detail in reverse proposing your professional trading solutions.

FMA of Austria warns against MegatradeFX and CodexFX

The Austrian Financial Market Authority (FMA) warns the public against the activities of two forex brokers MegatradeFX and CodexFX. These companies have been offering investments without complying with Austrian financial legislation. According to the official statements, MegatradeFX and CodexFX are 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.

Are these brokers legit?

MegaTradeFX claims to be a leading provider of online foreign exchange trading, CFD trading and other financial services. MegaTradeFX is owned by Macro Projects Ltd. According to the website, the broker is registered in St. Vincent and the Grenadines and is based on the Marshall IslandsThe brokers registered in these offshore zones are not overseen by any authority and are not subject to any regulatory regime. Moreover, MegaTradeFX has been blacklisted by other regulators, such as FCA and CNMV. You can read our full MegaTradeFX review here

As to the CodexFX,  leading provider of Online Foreign Exchange (Forex) trading, spread betting and other related services is owned and operated by Codexfx Ltd., registered in the Marshall Islands. Obviously, just as many other offshore unregulated brokers, CodexFX should not be trusted. 

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 MegatradeFX and CodexFX by commenting on this post.

Fullerton Markets Becomes Official Brokerage Partner of ONE Championship

The largest global sports media property in Asian history, ONE Championship™ (ONE), has just announced an official partnership with Fullerton Markets, Asia’s fastest-growing brokerage firm. The partnership will cover official markets Singapore, Thailand, and Vietnam through March 2020. Fullerton Markets joins well-known brands in ONE Championship’s roster of sponsors, that includes Facebook, Sony, LG, Marvel, Disney and Casio.
Fullerton Markets is Asia’s fastest-growing brokerage firm with a bevy of high-profile clients in its portfolio. The company was founded in 2016 by Mario Singh, who today serves as the company’s Chief Executive Officer. Fullerton Markets provides clients with online brokerage services for foreign exchange, metals, crude oil, and indices. With headquarters in Saint Vincent and the Grenadines, Fullerton Markets is committed to providing its clients the highest level of brokerage services.
CEO of Fullerton Markets, Mario Singh, said: “We’re truly thrilled to be the official brokerage partner of a dynamic organisation whose growth has been nothing short of astounding and whose core values resonate deeply with those of our own – Passion, Commitment and Excellence. We’ve seen how the stories of ONE Championship’s athletes have been able to engage, inspire and unite people around the world. We’re proud to be supporting a movement that looks to share positive messages and celebrate Asian values through the cultural treasure of martial arts.”
The strong alignment of the two organisations’ values is set to bring meaningful content to the fore, to be shared with martial arts followers and new fans alike, through Fullerton Markets’ online and offline platforms.

FCA warns public of investment scams for over £197 million losses

FCA Regulator

The Financial Conduct Authority (FCA) is warning investors to be vigilant to the threat posed by investment scammers, as data from Action Fraud reveals over £197 million of reported losses in 2018. Victims were scammed out of over £29,000 on average last year, as fraudsters employed increasingly sophisticated tactics to persuade victims to invest.

Most commonly reported scams involved investments in shares and bonds, forex and cryptocurrencies by firms that are not authorized by the FCA. Together they accounted for 85%2 of all suspected investment scams reported in 2018.

The profile of investment scams is changing as more and more people are being targeted online, moving away from the traditional cold call. Fraudsters are now contacting people through emails, professional looking websites and social media channels, such as Facebook and Instagram. Though the contact methods used by fraudsters may vary, their tactics remain the same.

The FCA is urging people to be vigilant when making investment decisions, and to look out for these six warning signs: cold-calling, time pressure, fake reviews, false authorization (regulation).

To reduce the chance of falling victim to investment fraud, the FCA advises consumers to, at the very least: Reject unsolicited investment offers whether made online, on social media or over the phone. Before investing, check the FCA Register to see if the firm or individual you are dealing with is authorized and check the FCA Warning List of firms to avoid. Get impartial advice before investing.

You can also read about the perks of trading with FCA brokers here

Austria’s FMA has issued a warning against KontoFX broker

Austria’s financial markets and services regulator FMA has warned that Forex broker KontoFX is not licensed to carry out banking operations in the country. In essence, this means the company cannot operate in Austria.

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.

KontoFX is a Forex and CFDs broker that also offers cryptocurrency trading and operates through the website www.kontofx.com. According to the regulator's warning, the brokerage is owned and operated by two companies, Estonia-based NTMT Transformatic Markets OU and Hungary-based Northside Business Centres. All the companies offering financial services in Estonia should be authorized by the local Financial Supervision Authority. However, there are no records about KontoFX or its parent companies in the regulator's register.

The company doesn't just lack proper regulation but also has been blacklisted by one more regulator - Financial Conduct Authority.  This is going to be our biggest concern about KontoFX. In addition, numerous negative reviews from the scammed clients only prove that the broker cannot be trusted.

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 the United Kingdom and ASIC in Australia. You can read our review on this broker here.

InstaForex has announced about the sponsorship with Former Chess World Champion

Instaforex Review

Russia-based Forex broker InstaForex has announced a new sponsorship deal with Viswanathan Anand, a former World Chess Champion. Viswanathan Anand will be the Brand Ambassador of the company and will help the broker promote forex trading and education.
In 2000, Anand became Fide World Chess Champion. 7 years later, his dream of life came true as he became unified (the only) World Chess Champion. Anand secured the World Champion title for the whopping 6 years, beating such super Grandmasters as Vladimir Kramnik, Veselin Topalov, and Boris Gelfand. Eventually, in 2017 at the age of 48, Anand outpaced more than 100 younger opponents and was acknowledged to be the World Champion in Rapid Chess
Pavel Shkapenko Business Development Director for InstaForex said:
"The last thing we wanted to do is to sign yet another brand ambassador agreement just to display their images on all our marketing materials. The interest in Forex and our company is getting higher and higher, but the need for education is getting higher and higher. So we were looking for an ambassador who could become a real role model for new traders and lead by example. And within this framework, we are delighted to have Viswanathan as our brand ambassador."
Viswanathan Anand commented:
"If you look at chess and Forex, you will find a lot of similarities. Both activities are about earning a living by pure intellect, both give you complete freedom on where to live when to work etc. You can’t work in modern chess without a computer, the same situation is about Forex. In the currency market, you need to forecast currency movements, in chess, you need to forecast moves of your opponents. So I was not surprised to find out that there are many chess players at InstaForex, even the CEO has a rating of 2200. So, I’m truly looking forward to start working with InstaForex."
InstaForex was established in 2007 while headquarters in Kaliningrad, Russia and serves more than 260 representative offices worldwide and at the moment the number of traders who choose InstaForex exceeds 7 million, which is an impressive number. Instant Trading EU Ltd is a fully licensed by CySEC, Cyprus authority that conducts operational standards for financial investment firms. Along with the main license, the broker holds an additional one in BVI by FSC. You can read our full InstaForex review here.

OANDA CEO Vatsa Narasimha is leaving his position

OANDA review

After serving as CEO of the retail brokerage for over 2 years, Vatsa Narasimha has decided to leave his position for personal reasons. Now the retail broker is looking for a new CEO. Vatsa Narasimha will continue working for the company as a Non-Executive Director.
With a demonstrated track record in driving growth among both financial services institutions and FinTech companies, Vatsa Narasimha is the President and Chief Executive Officer of OANDA Corporation, based in New York. Originally the firm’s CFO and Chief Strategy Officer, he joined OANDA from The Boston Consulting Group, where he worked with leading financial institutions all over the world on a variety of growth strategy, corporate development, and operational issues. He holds a Master’s degree in Electrical Engineering from Cornell University as well as an MBA in Mergers & Acquisitions from The Wharton School of the University of Pennsylvania.
OANDA is a technology-driven, a financial services corporation founded in 1996. OANDA is a leader in currency data, offering forex & CFD trading (over 100 instruments, including currency pairs, indices, commodities, bonds, and metals), corporate fx payments and exchange rate services for a wide range of organizations and investors. Company's regulations are divided by the geographical region of the company presence: OANDA Europe Limited – authorized by FCA (UK), OANDA Asia Pacific Pte Ltd – authorized by MAS (Singapore), OANDA Australia Pty Ltd – authorized by ASIC (Australia), OANDA (Canada) Corporation ULC is regulated by the IIROC. You can read our full OANDA review here.

FIXI PLC starts processing customer withdrawal requests

FCA Regulator

According to reports, online broker FIXI PLC has initiated the process of returning funds to customers. In an e-mail sent to the client, the company said that the Financial Conduct Authority (FCA) has approved its processing of customer withdrawal requests.
A customer service representative at FIXI PLC confirmed that the withdrawal had started a few days ago, but it is currently not possible to confirm the time required to process all customer withdrawal requests.
FIXI PLC has started sending the letters to its clients, which means it has started the process of the withdrawals. The clients will need to send their account statements, so the company can review the withdrawal request.

FIXI Markets Review
We want to remind the readers that in December 2018 FIXI PLC shared on its website that it ceased operations after consulting with the UK regulator. The company requested that the UK regulator imposes restrictions on the company and its business. The firm published an official announcement on its website detailing the events that led to the decision. Client funds held by the company have been frozen by the UK financial regulator. After the FCA honored the request of the firm, it mandated Fixi PLC to immediately cease all regulated activities. The UK regulator allowed the broker to close any open positions it held for itself or clients before December 28. You can read our full FIXI PLC review here.