The International Financial Services Commission (IFSC) of Belize issued a warning against non-authorized forex brokerage Premier Point Marker, doing business as PremierFX. The company claims to be registered in Belize, when in fact it is not.
“We confirm that Premier Point Market is not registered as a company nor licensed by the International Financial Services Commission of Belize or any other competent authority in Belize to engage in any type of trading business,” the IFSC said in a notice. It added that investors should be extremely cautious when dealing with the entity.
PremierFX offers trading in forex currencies and contracts for difference (CFDs) on stocks, indices and commodities. The company also claims to have a unit called PremierFX Malaysia and regulated in Malaysia. However, such an entity is not licensed by the Malaysian Central Bank. No further information regarding authorization was available on the broker’s website.
Belize is a well-known offshore destination, renowned for its milder regulation and licensing requirements and lower incorporation costs. Many financial service providers choose to register there and fall under the supervision of the IFSC since they need to meet fewer and softer criteria and to comply with less strict rules and requirements than if they registered in other countries. However, in the recent months many entities falsely claim to be registered or regulated in offshore locations. Some of the most recent ones include XMAXBIT, BinaryOptionInvestors, TradeFxP, and YieldOptions.
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.