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New Zealand’s FMA warned against Fuerfx.com and Olympus Markets

Jul 26 2019
By
Jonathan Smith

 

New Zealand’s Financial Markets Authority (FMA) has recently updated its warning list of suspected scams with Fuerfx.com and Olympus Markets. Here are some more details of the two suspected fraudsters.

 

Fuerfx.com is a low credibility website a that seems to target mainly Chinese investors. The people operating the website obviously try to mislead traders that they are a part of FernFX - a broker based and regulated in New Zealand. However, the FMA states that Fuerfx.com is not associated with Fern Group NZ Limited, nor authorized to provide financial services in the country. In other words, this broker is a clone firm, and should be avoided.

 

Olympus Markets says to be owned and operated by Next Trade Ltd., a company registered offshore, in Vanuatu. Although the firm is present in the list of “Dealers in securities” of the Vanuatu Financial Services Commission, this not mean that Olympus Markets is authorized to operate in New Zealand, Australia, the EU, or on any other regulated financial market.

 

Nonetheless, it obviously does, as the broker has been blacklisted by the Spanish financial regulator, the CNMV, and by BaFin in Germany. The latter went as far as ordering Olympus Markets to cease its illegal operations in the country, which is only logical, as the broker is apparently involved in scam.

 

Unfortunately, Forex trading, as any other lucrative business sphere, is full of con-artists and scammers seeking to rip off misinformed investors on every turn. That is why we always advise traders to avoid dealing with unregulated brokers, and always check whether the company is properly licensed by the respective governmental agency.

 

 

>> Looking for a broker licensed by the NZ’s FMA? <<

 

TAGS: FMA  warning  Fuerfx.com  Olympus Markets  scam  New Zealand 
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