New Zealand authorities deregister the forex broker AceForex

New Zealand authorities deregister the forex broker AceForex

- in All News, Regulation
nz companies office

New Zealand’s authorities have removed the AceForex forex broker from the Financial Service Providers Register (FSPR), shows a list published on the country’s Companies Office.

According to its website, www.acefx24.com, the broker is headquartered in New Zealand, but also has offices in the US and Asia. It claims it is fully regulated and licensed, but, besides the FSPR registration number and information on membership in New Zealand’s Financial Dispute Resolution scheme, the broker does not give any clear information on its regulation status.

A note on the website of the Financial Dispute Resolution scheme, however, explicitly points out that registration as a financial service provider is NOT an official approval of an individual, business or organization and does not necessarily indicate that the provider is licensed or regulated in New Zealand or any other country.

AceForex offers trade in forex, CFDs, commodities and binary options on the MetaTrader 4 (MT4) platform. It also has a proprietary trading platform, called AceFX Lite that can be used in conjunction with MT4 and as a standalone solution. AceForex offers micro, standard and VIP live trading accounts and demo accounts.

Besides the forex broker, within a week in February, the register has been purged of another 214 companies and individuals providing financial services in New Zealand. In January 2016 and December 2015 from the FSPR were removed 125 entities, including six forex companies.

The reasons for the removal were not given, but this is a standard procedure and a list of the deregistered entities is published on a regular basis. The FSPR is an online registry of the companies and individuals, providing financial services in New Zealand. Being on the list, however, does not mean the entity is regulated – an activity performed by the country’s Financial Markets Authority (FMA).

Usually, companies get removed from the FSPR if they do not qualify with the register’s requirements, if they do not provide financial services or are not active in the local markets or if they have failed to provide their name, business address, and membership number, as required.

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