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Austrian FMA updates its warning list with Stella Markets

 

The Austrian Financial Market Authority (FMA) added unregulated crypto and forex broker Stella Markets to its warning list previous week. The regulator stated that this entity is not allowed to trade on a commercial basis on its own account, nor on behalf of others, as these transactions in Austria require a license.

 

Stella Markets is owned by an offshore company, Goldstone Group Ltd., and as such is not allowed to operate on any regulated financial market, including the European Union, part of which is Austria. Our check on the website of the broker (stellamarkets.com) revealed that Stella Markets offers trading in cryptocurrencies, forex, commodities, stocks, equities and metals on the popular MetaTrader4 platform.

 

We also discovered that the broker’s demo spreads don’t match the ones announced on the website, and that it applies hefty commission fees (which also aren’t disclosed). This, in combination with the company’s offshore registration, incline us to suspect that Stella Markets is engaged in fraudulent activities.

 

The FMA’s warning against this broker is yet another case in which Austrian‎ ‎authorities have ‎stepped up to alert the public about forex and binary options brokers illegally operating in the country. Earlier this year the FMA blacklisted unregulated brokers Tradeinvest90, FX Market Pro, and KontoFX. The Australian financial watchdog also performs large number of investigations and enforcement actions into multiple scams and fraudulent operations on financial markets.

 

TAGS: FMA  warning  Stella Markets  Austria  scam 
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