Market News

New Zealand's FMA warns of Chinese forex broker VHTrade

Aug 01 2017
By Jonathan Smith

New Zealand's Financial Markets Authority (FMA) has warned against the Chinese forex and binary options broker VHTrade.

The regulator says it is concerned that Vhtrade International Financial Group claims to be registered on the FSPR when they are not. The broker is operating from the site www.vhtrade.cn, and allegedly established in Hong Kong. On its site the broker claims it is based in New Zealand and has a dual license from UK's Financial Conduct Authority (FCA) and New Zealand's FMA. Our check, however, revealed that it has neither.

This is not the first time a regulator issues a warning against VHTrade. In May Hong Kong's Securities and Futures Commission (SFC) has also put it on its black list of unlicensed entities.

Generally, it is highly advisable to avoid dealing with unregulated brokers or, worse still, with ones making false claims like VHTrade. There are numerous properly licensed brokers, like the ones by FCA or the Australian Securities and Investment Commission to choose from.

TAGS: fma new zealand vhtrade

Related forex news

China has granted its first forex broker license Nov 20 2018 13:32:40
Crypto miner arrested in China for stealing electricity Jun 25 2018 13:06:54
As China plans another clampdown on crypto trading, Bitcoin falls below $10 000 Jan 17 2018 14:30:56
Upset Chinese investors hold hostage USGFX staff in Shanghai Jul 24 2017 07:47:54
Canada's BCSC warns of Chinese forex broker Omega Mutual Group Jul 19 2017 07:18:16

Broker	Advantages


	FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.
	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.



	HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

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, FSC	MT4, MT5, Web	$10	Review Website
	Australia	ASIC	MT4, MT5, IRESSTrader	$100	Review Website
	Cyprus, Australia	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
	UK	FCA	MT5	$5	Review Website
	UK	FCA	MT4, Web, MT4 for Mac	$100	Review Website
	Australia, UK	ASIC, FCA	MT4, MT5, cTrader	$200	Review Website
	UK, Cyprus, Dubai	FCA, CySEC, DFSA	MT4, MT5, Web, PrimeTrader	$100	Review Website

More Forex Market News

Facebook assures central banks not to fear Libra

Sep 17 2019 17:23:34

Facebook reassured world central banks that Libra, the new stable coin the social media giant plans to launch in 2020, will not replace sovereign currencies like the U.S. dollar or the Euro, and will not threaten the central banks’ control over money creation. Read more

Philippine police arrests 277 employees in connection to a forex scam

Sep 16 2019 17:33:44

Acting on a tip from the Chinese intelligence agency the Philippine police has arrested 277 Chinese nationals working for online forex and crypto scammers. Read more

FCA prepares for a no deal Brexit

Sep 12 2019 17:05:09

The Financial Conduct Authority (FCA) in the UK has opened an emergency phone line (+44 800 048 4255), as well as a series of specialized information websites that are intended to help the financial sector cope with the possible consequences of a no deal Brexit. Read more

Police in Taiwan warns of forex scams on dating websites

Sep 11 2019 14:08:40

The Criminal Investigation Bureau (CIB) in Taiwan warns of a new wave of investment scams on dating and chat websites, featuring a case of a man who lost over 4 million Taiwanese Dollars (128 000 USD). Read more

The Marshall Islands launches a sovereign crypto coin

Sep 04 2019 16:57:05

The Marshall Islands, the small Pacific nation that is also a favorite offshore destination for many brokers that prefer to avoid the strict regulations in Europe, the U.S. Read more

Dutch authorities to regulate all crypto dealing firms

Sep 03 2019 13:43:03

The Dutch Central Bank announced new rules for all companies dealing with crypto currencies that will take effect from January 2020. Read more

Ex-BinaryBook employee sentenced to a year in prison in the US

Sep 02 2019 14:26:10

Israeli binary options operative Lissa Mel pled guilty to her role in $145 million scam scheme, and was sentenced to a year in prison and $288 024 in restitution to victims by a US federal court previous week. Read more

SEC settles with Bitqyck and its founders accused of $13m fraud

Aug 30 2019 12:53:53

The US Securities and Exchange Commission (SEC) has settled with founders of crypto exchange Bitqyck over an alleged $13 million fraud. Bitqyck’s founders Bruce Bise and Sam Mendez will pay a civil penalty of $8.5 million on top of disgorgement and prejudgment interest. Read more

Forexbit ends up on FCA's warning list

Aug 29 2019 11:34:29

The Financial Conduct Authority (FCA) in the UK added Forexbit to its long list of companies that illegally target British customers and offer financial services without a license. Read more

Thai SEC warns against FXtrading Corporation

Aug 28 2019 13:06:37

The Thai Securities and Exchanges Commission (SEC) warned the public against FXtrading Corporation - a new cryptocurrency scam targeting local investors. Read more

TOP FOREX BROKERS

BINARY OPTIONS BROKERS

LAST COMMENTED

BROKER LISTS

Broker types

Brokers by platform

Brokers by payment options

Brokers by account types

Brokers by spreads

Signals & Social trading

Brokers by country

Brokers by regulation

Gold, oil, options brokers

Other

CRYPTOCURRENCY EXCHANGES

de | cn | ru