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FINMA warns of World Trade Capital, Swiss Assets FX forex brokers

Dec 22 2017
By
Jonathan Smith

 The Switzerland financial markets and service providers regulator FINMA has added two more forex brokers to its warning list of unlicensed entities: World Trade Capital and Swiss Assets FX.


In its typical curt style, FINMA does not provide many information about the two companies, except that they claim to be located in Switzerland. But neither of them appears to be licensed by the regulator, as it is required.


Swiss Assets FX, however, claims to be based in Basel and to be a “regulated investment services firm authorised in the conduct of its activities by the Swiss Securities and Exchange Commission (‘SFMSAS’) under the license no. 092/08”. The funny thing is that in fact there is no such entity and the only mention of this regulator is on the site of Swiss Assets FX. There is a Securities and Exchange Commission (SEC), but it is a US financial regulator and we are pretty certain this broker is not regulated by SEC.


World Trade Capital at least has the decency not to make fake regulatory claims, but says it is located in Zurich and to offer trading in many instruments, including forex, ETFs, shares, CFDs, etc.


The use of “Swiss” in the name of the company or the brand and the claims a company is located in Switzerland is a tactic often used by scam brokers to mislead their clients and present themselves as a reputable company – most people associate Switzerland with major and secretive bank and think that if a company is Swiss, it is a serious one. Most often than not, however, this is a scam. The only properly regulated and reputable forex broker with “Swiss” in the name, is Swissquote.


On the other hand, FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location or have "Swiss" in their name, but are not Swiss-regulated.

 

  

TAGS: finma  switzerland  warning  world trade capital  swiss assets fx 

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