RECOMMENDED FOREX BROKERS
Do not invest more money than you can afford to lose.
New Zealand’s Financial Markets Authority (FMA) issued on Wednesday another warning against forex broker Exo Capital Markets Ltd., trading as Trade12.
Last month, the regulator alerted the public of a notice of the Italian financial regulatory body CONSOB which informed Trade12 was doing business non-authorized. Now it has issued a warning of its own. It recommend exercising caution when dealing with the company.
The broker has been providing financial services in New Zealand without being authorized to do so. It has cold called local residents offering them to open trading accounts. Trade12 is not in New Zealand’s Financial Service Provider Register (FSPR) and is not allowed to operate in the country.
The FSPR is a searchable online register of people, businesses, and organizations that offer financial services in New Zealand. It was created by the government as part of a wider strategy to make the financial services sector more accountable and transparent.
In addition entering the warning lists of FMA and CONSOB, Trade12 was recently blacklisted by Russian self-regulatory organization KROUFR due to numerous complaints filed by its customers.
Trade12 says on its website, www.trade12.com, it is owned and operated by UK-based Global Fin Services Ltd., which is a unit of Marshall Islands-registered Exo Capital Markets. The broker provides no regulation-related information on its website. The broker offers trading in forex, contracts for difference (CFDs) and metals. It collaborates with introducing brokers and affiliate partners and claims to have been providing financial services for more than 10 years.
When engaging with unauthorized and non-regulated brokers, especially blacklisted ones, 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.