Australia’s ASIC also alerts against forex broker Trade24

Australia’s ASIC also alerts against forex broker Trade24

ASIC

The Australian Securities and Investments Commission (ASIC) has published, through its consumer service website Money Smart, a warning against forex broker  Trade24 for potentially presenting harm to the local public. The regulator advises this company is unlicensed in Australia and could be involved in a scam and Australian citizens should not deal with it.

The ASIC is the last of many financial regulatory bodies to alert against Trade24. The broker has made it to the warning lists of New Zealand’s Financial Markets Authority (FMA), UK’s Financial Conduct Authority (FCA), Canada’s Ontario Securities Commission (OSC) and the International Financial Services Commission (IFSC) of Belize, the last one of which reported TRADE24 Investments Ltd., the operator of Trade-24, presented a fake IFSC licensed to investors.

The ASIC provides a UK address for Trade 24. However, on its website the broker claims to be established in 2007 in Switzerland and presents an address in Spain. Additionally, it has support phones in 13 countries, including in Europe, the Americas, Australia, Russia, and others.

The broker operates via the website www.trade-24.com and offers trading in forex, contracts for difference (CFDs), stocks and commodities. Its site has versions in English, Polish, Bulgarian, Arabic, French, Russian, Spanish and German.

In Australia, financial investment companies, including forex brokers, are forbidden to operate without a local license. The regulator maintains a register with all authorized entities and regularly issues warnings against unauthorized entities.

When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

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