New Zealand’s financial regulator FMA has put the forex brokers TigerWit and BelforFX on its warning list “Businesses to be wary of”.
According to the notice, TigerWit Prime Limited, operating under the trade name TigerWit is falsely claiming to be licensed, supervised and independently audited by New Zealand government agencies. The company is also falsely claiming that as a result of the supervision, its clients’ funds are safe and secure.
As for the other one – WGM Group Limited (formerly Belfor Capital Limited) trading as Belfor FX – the FMA has received complaints from overseas clients of the broker that it failed to repay them in accordance with their instruction. “We note that the company has been deregistered from the Financial Service Providers Register and is not registered to provide financial services in New Zealand,” the FMA warns.
According to the TigerWit website, which initially loads in Chinese, the company has a business address in Auckland. The broker offers trading in forex, CFDs, precious metals and oil, as well as copy trading. The trading platform is MetaTrader4 (MT4). Besides the false claim that TigerWit is regulated in New Zealand, there is no other regulation information.
BelforFX provides addresses in Bulgaria’s capital Sofia, the Caribbean island of Anguilla, the Seychelles and London. It offers trading in currencies, CFDs, stock indices and precious metals. The platform is MetaTrader4. No regulation information has been found on the broker’s website. In February Bulgaria’s Financial Supervision Commission (FSC) has put Belfor Capital on its warning list of financial service providers who are not allowed to do business in the country, as they lack the relevant EU licenses.