New Zealand’s FMA warns of unauthorized forex broker NoaFX

New Zealand’s FMA warns of unauthorized forex broker NoaFX

- in All News, Warnings
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New Zealand’s Financial Markets Authority (FMA) issued on Tuesday a warning that the company  Capital Market Investments Limited. The regulator points out that on the website of its forex broker NoaFX the company claims it is registered in New Zealand as a financial services provider and a member of a financial dispute resolution scheme. “In fact, it is neither,” FMA says. “The company is not operating under the strict licensing and regulation requirements of New Zealand, as claimed.”

A check in New Zealand’s Financial Services Providers Register shows that Capital Markets Investments did have a license for financial services from 2013, but it has been discontinued in January 2016.

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Its broker NoaFX offers trade in forex and CFDs with leverage of up to 1:500, by request. The normal leverage is 1:100. Trading is carried out through the MetaTrader4 platform and a NoaFX web platform.

On its website Capital Markets Investments says it offers forex brokerage solutions, immigration advice, private equity and investment funds, real estate and hotel management, debit card solutions and other financial services. It claims it has business in 32 countries, “with strong footholds in New Zealand and the South East Asian markets”.

On Monday FMA warned against another unauthorized broker: Fidelis International Trading.

1 Comment

  1. NoaFX and Capital Market Investments are actually just a Ponzi scheme exploiting both New Zealand’s good reputation and financial regulation loopholes to scam unaware investors. There are already multiple proceedings against the company for fraud and theft.

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