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New Zealand's FMA warns of binary options broker Stern Options

Jul 12 2017
By
Jonathan Smith

 New Zealand's Financial Markets Authority (FMA) has issued a warning against the binary options broker Stern Options.

 

“The FMA recommends exercising caution before dealing with Stern Options”, the regulator said in a notice dated July 11. “We have received reports that representatives of Stern Options are cold calling New Zealand Residents. Stern Options is not registered to provide financial services in New Zealand.”

 

According to FMA and its own site, the company is based in Sofia, Bulgaria, but does not seem to be regulated by Bulgaria's Financial Supervision Commission. The broker claims to serve both retail and institutional clients and promises profits of up to 200% on some instruments like forex.

 

We, however, have come across a number of complaints on the broker's Facebook page, claiming it is a scam and they lost all their money. Some clients say they were redirected to the broker's page by the Brit Method trading robot, which has been labeled a scam by regulators. Others claim it is the notorious binary options broker RB Options, under a new name.

 

Besides, UK's FCA also warned against Stern Options last month.

 

 

TAGS: fma  new zealand  stern options 
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