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ASIC warns of FxPM, FTO Capital, PrimeCFDs, FM-FX, BNP Forex forex brokers

 The Australian Securities and Investment Commission (ASIC) has updated its list of “businesses to be wary of” with five offshore unregulated forex brokers. According to ASIC, those companies may be a scam.


FxPM, FTO Capital, PrimeCFDs, FM-FX and BNP Forex have made calls or otherwise solicited Australian clients, without having the proper license from ASIC. As per Australian legislation, the forex brokers offering their services in the country must have an ASIC license and comply with a number of requirements to ensure the proper protection of clients. Apparently, none of those five forex and CFD brokers do.


FxPM, for example, is owned by a company called Marketing Group Limited. It claims on its site to have a physical address in London, but is in fact registered in the offshore zone Marshall Islands. According to ASIC, however, the brokerage is owned by CF Marketing Group Ltd, again with an address in London and a registration on the Marshall Islands.


FTO Capital is owned by another Marshall Islands company – Nona Marketing. The broker’s site is currently offline.


PrimeCFDs is owned by a the Romanian company Orion Solutions and appears to be targeting mostly Arabic-speaking clients. According to ASIC, the broker has been formerly known as WMOption, of which the regulator has already warned against in September 2017.


FM-FX displays on its site a message that it does not accept new clients. The broker claims to be owned by a Belize-registered company – FM Marketing Limited. According to numerous client reviews on our site, the broker is a “scam”, “fraud”, “criminals” and “thieves”. You can see for yourselves.


BNP Forex’s site is offline at the time of writing of this review, but, according to ASIC, the company was registered in Kuala Lumpur. There has already been a warning against BNP Forex – by Hong Kong’s SFC.

 



TAGS: asic  warning  australia  FxPM  FTO Capital  PrimeCFDs  FM-FX  BNP Forex 
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