Do not invest more money than you can afford to lose.
New Zealand’s Financial Markets Authority (FMA) has warned that the FMTrader binary options broker is not registered on the country’s Financial Services Providers Register and investors should be wary.
According to the statement on FMA’s site, FMTrader representatives have been cold calling and soliciting New Zealand residents.
According to its website, fmtrader.com, the broker is a brand of FM Marketing LTD incorporated in Belize with IFSC license number IFSC/60/372/TS/15. Besides that it has an address in Cyprus. FMTrader is offering trading in long and short term, one touch and ladder binaries.
It is not the first time the broker pops up on the radar of national financial regulators. In April Canada’s provincial regulator – the Manitoba Securities Commission (MSC) – has warned that FMTrader is providing services without a license. Recently the Australian Securities and Investments Commission (ASIC) published on its consumer website MoneySmart.gov.au a warning against FMTrader.
Lars
Interesting, I have friends in NZ that do trades with this broker and I had them read this article, I asked them regarding issues about the broker and they had none. I do trades with them as well but I’m from Denmark so not a problem here. Most of the articles I have read are warnings and complains, have not really found a solid legal complaint. But thanks for the article, we will keep a monitoring eye on this.