New Zealand’s FMA warns of IRCFX forex broker

New Zealand’s FMA warns of IRCFX forex broker

- in All News, Warnings

New Zealand’s Financial Markets Authority (FMA) has published a warning that the IRC FX forex broker is not licensed to provide financial services in the country.

According to the FMA, InterRock Capital (also known as Aino Financial), owner of the brokerage site is falsely claiming to be registered in New Zealand, when it is not. Even worse, it is using the registration of another business – Vantage FX NZ Pty Limited, but the two companies are not connected in any way.

nz vantage fx reg

It appears that IRC FX is targeting Chinese-speaking clients, as its website is in Chinese only and the English version does not work. It offers trading in forex, CFDs, precious metals and oil on the MetaTrader 4 platform.

Obviously, misappropriating the details of a financial services provider properly registered in New Zealand, by forex brokers offering their services in China, is a fairly frequent practice.  In July the FMA had warned of another Chinese broker, ACI, that had claimed it was associated with  Apex Capital Investments Limited – the former name of a New Zealand company that had nothing to do with it.

The abuse and false claims are rather explicable, considering that New Zealand’s regulation is held in high regard by the financial community because of its strict rules and enforcement and holders of New Zealand license are considered reliable and proper.

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