Switzerland’s regulator FINMA has published a warning of the forex broker TradingBanks. The watchdog does not give any other details, besides that the broker has an address on the British Virgin Islands. A check of the SMN staff of TradingBank’s website shows that it has provided another registered business address – in Belize, while the payment services are located in Malta.
TradingBanks is a brand owned and operated by Lau Global Services Corporation, a financial services company providing trading in financial and commodity-based derivative instruments and other securities, licensed by Belize’s International Financial Services Commission (IFSC) . On its website TradingBanks notes that under its regulation, EU residents are not allowed to trade on its platform.
TradingBanks offers trading in forex, CFDs and spot precious metals. The leverage is up to 1:400. The minimum deposit is $10. Trading can be done either on the MetaTrader4 platform or the TBTrader platform.
In September last year Cyprus’ regulator CySEC has issued a warning against Lau Global Services Corporation and its brand MXTrade, in particular, is not permitted to provide investment and ancillary services in Cyprus and the other EU countries.