Do not invest more money than you can afford to lose.
New Zealand’s regulator FMA has put the forex broker Mocaz on its warning list of unregistered companies. According to its website, the watchdog has received a complaint from an overseas resident that the regulatory information on the broker’s website is misleading. “Mocaz Financial Markets Limited is not registered to provide financial services in New Zealand,” notes the FMA.
The only registration information it provides is a New Zealand company registration number, 5067741, which checks out with the country’s Companies Office registry. According to the information, it was incorporated in April 2014 as a NZ limited company for financial services. There, however, is no information on regulation and licenses, as required for companies providing financial services in New Zealand. Furthermore, a check in the Financial Service Providers Register (FSPR) shows that the company has been deregistered in February 2015.
On its website Mocaz Financial Markets Limited states that it is based in Auckland, New Zealand and was established in 2011. It offers trading in forex, CFDs, indices and other assets both to retai and institutional clients. The trading platforms are MetaTrader4, NetStation and Clear Pro. The broker also offers autocopy trading. The leverage is up to 1:300 and the minimum deposit is $10. It also has partnership programs such as Introducing broker (IB), affiliate program and whtie label partnerships.
Earlier this week the FMA warned of another unregistered forex broker, DGMFX.