The Australian Securities & Investments Commission (ASIC) has added the Estonia-based forex broker Trade12 to its warning list of unlicensed entities.
According to the regulator, the company may be involved in scam and advises the Australians to not deal with it.
“The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC”, says the regulator and provides the address, website, e-mail and some other details about Trade12.
Trade12 is on numerous warning lists and seems to change its business address frequently. Earlier it was claiming it is owned by Exo Capital Markets Ltd based in the Marshall Islands and still does on its Facebook page. On its own site, however, the broker claims to be based in Tallinn, Estonia and owned by the company Global Fin Services Limited registered in the UK.
According to some sites, there are numerous client complaints accusing the broker of being a scam, but such posts on its Facebook page have been duly deleted. The posts in some traders’ forums, however, are still there for everyone to see. The first ones date from 2014 and the most recent ones – from end of May 2017.
Obviously, the numerous warnings have not served their purpose. In 2016 alone there have been three warnings: from New Zealand’s FMA, from Italy’s CONSOB and from CySEC, while Russia’s self-regulatory organization KROUFR blacklisted Trade12 over client complaints. In 2017 there has also been a warning – from Canada’s British Columbia Securities Commission (BCSC).