The Malta Financial Services Authority (MFSA) has issued a warning against the Alphacmarkets forex broker.
According to the announcement, Alphacmarkets Europe is falsely claiming that it is licensed by the MFSA. Worse still, the broker is misleading the public by using the trading name of a legitimate broker – Alpha Markets, which is regulated by UK’s FCA and provides forex trading on the website www.alphatradingfloor.com.
Hence the MFSA warns the potential investors to avoid doing business with the clone and reminds them to check the authorization of any entity they are planning to enter in financial services transactions with.
The clone Alpha Capital Markets, on the other hand, operates the site Alphacmarkets.com. Besides the false MFSA regulation claim, the company states it is “fully harmonized with EU Markets in Financial Instruments Directive (MiFID)” and that “the company holds such a prestigious license that ensures you to trade in a regulated and supervised environment”. It offers trading in forex on its proprietary Swordfish platform and the popular MetaTrader 4 with a leverage of up to 1:200. The website has versions in English, French and Arabic, and judging by the posts on the broker’s Twitter page, it is aimed at the Arabic-speaking clients.
Unlike many national regulators, who update their warning list almost every week, the MFSA does it less frequently and usually warns of clones and companies falsely claiming Maltese regulation.