de | cn | ru

Market News

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 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

The FCA may push ISPs to take down misleading or unfair financial promotions

Jun 20 2019 15:09:20

The Financial Conduct Authority in the UK (FCA) is considering additional powers in respect of internet service providers (ISPs). In its first annual perimeter report, the FCA says it might push ISPs to take down misleading or unfair financial promotions, in order to improve consumer protection. Read more

Spain’s CNMV blacklists unregulated brokers Financika and Hybrid Reserve

Jun 19 2019 13:00:47

  The latest editions to the warning list of Spain’s financial regulator, the CNMV, are unregulated brokers Financika and Hybrid Reserve. These entities are not authorized to provide investment services or investment advice in Spain, the CNMV said. Read more

Italian regulator orders unregulated brokers CryptoCapitalFX, OnlyTrades, and Nasdaq 500 to cease operations

Jun 17 2019 12:02:43

  Italian regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) warned that CryptoCapitalFX, OnlyTrades, and Nasdaq 500 are not licensed to provide financial services in the country, and ordered them to cease operating in Italy.    Forexbroker. Read more

UK’s FCA warns of AGM Group and Sigma4Trade clone firms

Jun 13 2019 14:18:24

  The UK’s Financial Conduct Authority (FCA) has recently updated its warning list with AGM Group and Sigma4Trade – two forex brokers that falsely claim to operate under legit companies, licensed by the regulator. Read more

Ireland to ban binary options and restrict CFD trades permanently

Jun 12 2019 15:40:33

  The Central Bank of Ireland (CBI), which also serves as a financial services regulator, announced its plans to make ESMA’s product intervention measures permanent. Read more

Spanish regulator adds Olympus Markets and several other offshore brokers to its warning list

Jun 10 2019 13:21:05

  The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with the already Olympus Markets, as well as several other offshore brokers - TopTradepro, UBCFX and Profit Trade. Read more

The FCA flags GlobalArabFX and iForex24 as clone firms

Jun 06 2019 12:48:37

  UK's Financial Conduct Authority (FCA) has recently warned against two clones: GlobalArabFX and iForex24. Read more

ASIC updates warning list with MRT Markets, RIMarkets, and Golden Day Profit

Jun 03 2019 13:03:04

  The Australian Securities and Investment Commission (ASIC) has added forex brokers MRT Markets, RIMarkets, and Golden Day Profit its list of unlicensed companies illegally targeting local investors. Read more

UK’s FCA adds Key Markets and CFD Premium to its warning list

May 31 2019 07:50:24

  The Financial Conduct Authority (FCA) has recently updated its warning list with unregulated brokers Key Markets and CFD Premium on Thursday. According to the regulator, these brokers have been providing financial services or products in the UK without its authorization. Read more

CySEC proposes a tiered approach to leverage

May 30 2019 14:10:07

  The Cyprus Securities and Exchange Commission (CySEC) proposed a tiered risk-based approach to leverage as a permanent national measure for investor protection. Read more

de | cn | ru