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Hong Kong’s SFC warns of forex brokers FXBTG, Vortex Assets, LeagueTrade

Hong Kong’s Securities and Futures Commission (SFC) has updated its warning list with unlicensed and dubious forex brokers. The latest additions include FXBTG, Vortex Assets and LeagueTrade.

 

According to SFC, the Hong Kong address, listed in FXBTG’s site actually belongs to a Hong Kong secretarial company. There are several other addresses, including in the USA, New Zealand, Ireland, UK, Koala Lumpur and Australia.

 

Our check on the broker’s site revealed that it claims to be owned by FXBTG Financial Limited, regulated in New Zealand. The company is indeed registered in New Zealand’s Financial Service Provider Register and is a member of the Financial Dispute Resolution Scheme. The company has a license for financial adviser and broking services, acting as an issuer for regulated or financial products, acting as investment manager, keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons, trading financial products or foreign exchange on behalf of other persons etc. The Auckland address of FXBTG Financial Limited listed in the FSPR, however, does not correspond to the one listed on the broker’s site.

 

 

Vortex Assets, according to SFC, is unlicensed. It is using bank accounts in the name of Ezton International (HK) Limited, Fortune Port Hong Kong Limited, Hong Advisers Limited, Hong Fong Technology Limited, O.R.P. Global Trading Limited, Red Hai Trade Co Limited, RSNG Trading Limited and Top Profit (HK) Trading Limited for settlement. It is using names similar to those of legitimate entities in order to confuse investors.

 

Vortex Assets is an unregulated offshore forex brokers broker connected to Black Parrot Limited and to Estonian-based Blonde Bear OU that carries out clearing and billing services, Vortex Assets Corporation. Our readers have described it as “Ponzi Scheme”, “scam” and “terrible scam”. There have been numerous warnings against it, including from Poland’s KNF.

 

LeagueTrade, owned by LT Global Ltd / LT7 Global Ltd, is also using the address of a Hong Kong secretarial company. Otherwise it is an offshore forex broker from Vanuatu, with a regulation from the Vanuatu Financial Services Commission. As we have said numerous times, those offshore regulations are so weak, that they are practically non-existent. It is much safer to deal with properly regulated forex brokers with reliable licenses issued by UK’s FCA or the ASIC, for example.

 

TAGS: sfc  hong kong  vortex assets  leaguetrade  FXBTG 
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