South Africa’s regulator warns against the TradingBanks forex broker

South Africa’s regulator warns against the TradingBanks forex broker

Do not invest more money than you can afford to lose.


South Africa’s watchdog, the Financial Services Board (FSB), has issued a warning against the TradingBanks forex broker. It claims it is domiciled in the British Virgin Islands – a well-known offshore zone and purports it is a registered entity.

The FSA informs the public that TradingBanks is not authorized to provide financial services in South Africa and are not representatives of an authorized financial services provider, as required by local law.

This is not the first time financial regulator warn potential investors that TradingBanks is not an authorized financial services provider. In March Switzerland’s regulator FINMA did the same.

Back then the website claimed TradingBanks was 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).

Now it seems the brand is owned and operated by Grizzly Limited, a financial services company authorized and regulated to trade on financial markets including hedging, markets arbitrage, risk management and speculation, with a business address in Malta. An SMN check in the Malta Financial Services Authority registry revealed that there is such company, with an address in Birkirkara, Malta, but that does not necessarily mean that neither it, nor TradingBanks is regulated.

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.

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