International Financial Services Commission (IFSC) of Belize has provided a license to forex and binary options broker UW Finance Ltd., trading as UWNZ, according to data published on the regulator’s website on Wednesday. The watchdog provided no details.
UW Finance is part of New Zealand-based UWNZ Holding Ltd. UNWZ stands for United Wealth New Zealand. The company works with both retail and institutional clients. It operates across 13 markets, but provides no information regarding regulation or authorization on its website, www.uwfinance.com. According to New Zealand’s Financial Service Provider Register (FSPR) UWNZ Holding was deregistered in late June 2015, which means it is no longer allowed to offer financial services in or from the country.
The broker offers trading in forex and binary options on currencies, commodities, options, and futures with spreads starting from 0.5 pips and leverage up to 500:1 via the MetaTrader 4 (MT4) platform. Binary options are offered with a maximum profit 80%.
UW Finance’s website is available in English and Chinese. It quotes HSBC, Deutshe Bank, LMax and Sucden Financial as liquidity providers.
Earlier this week the IFSC made it to the financial market news headlines with its unexpected decision to delicense BDB Services (Belize) Ltd., the local branch of over-the-counter (OTC) binary options broker Banc De Binary. Belize is usually known as an offshore destination with very lax supervision over authorized financial service providers. The regulator rather relies on self-regulation by licensees. Nevertheless, a broker license is attractive to traders as it brings them a feeling of confidence and security when choosing a broker.