TitanTrade, an unregulated binary options broker, has made it to yet another list of unauthorized entities. This time the warning comes from New Zealand’s Financial Markets Authority (FMA).
The FMA does not provide much information, besides the fact that the Australian Securities and Investments Commission (ASIC) issued a warning against TitanTrade in August.
According to its website, TitanTrade is a binary options broker with addresses in London and Belize, but obviously with no regulation.
A quick check in England’s company registry reveals that Dom Technology Services and Titan Trade Solutions – the company, which serves as a payment service provider of the broker, have the same business address. The former was incorporated in March 2015 and the latter – in November 2015.
TitanTrade does not appear on neither of Belize’s International Financial Services Commission’s lists of licensed service providers.
Earlier this year Italy’s regulator – CONSOB – also warned against TitanTrade. It seems, however, that the binaries broker operates unpunished for quite a while now, as in March 2015, one of Canada’s financial services regulators – the Ontario Securities Commission also warned against it.
Earlier publications on various binary options review sites claim TitanTrade was actually based on the Seychelles – another offshore zone with lax regulations.
At the same time, comments on Google Play site of TitanTrade’s mobile application warn the company is a scam. “Please do not trade in any way as you will loose all your money. Do not sign any bonus agreement to. Be warned. Save your money,” says Ruzbe Printer.
A number of posts in social media reveal that TitanTrade uses extremely aggressive tactics and cold calls people, trying to scam them out of their money.