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South Africa’s FSB blacklists binary options broker Stockpair

Oct 23 2017
By
Jonathan Smith

South Africa’s financial services provider and markets regulator, the Financial Services Board (FSB) has issued a warning against the binary options broker Stockpair.


According to FSB, the broker is operating the site Stockpair.net, but a South African client has complained that he could not withdraw his funds from Stockpair. The company is not licensed and regulated in South Africa.


FSB’s information claims that Stockpair is located in Estonia and Belize. According to its site, the company operating the brokerage – NXB Financial Services Ltd. is regulated by the  Belize International Financial Services Commission. Our check revealed that this is indeed the case.


But we also found a discrepancy between our recent review of Stockpair (stockpair.com), according to which the brokerage is owned by Nextrade Worldwide Ltd – a Cypriot company licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). As of the time of writing this article the check in the CySEC registry shows that Nextrade Worldwide is still registered and operates the site Stockpair.com.


However, both stockpair.net and stockpair.com now claim they are owned by NXB Financial Services registered and regulated in Belize. Perhaps in the couple of months between our review and FSB’s warning the company has changed hands, or its owners have registered a new company. Either way, a Belize license is not a guarantee that the company is honest and reliable, as the country is an offshore zone. Most such places are known as tax havens and for their very lax requirements for companies registered in them. This makes Belize, even though it has somewhat stricter regulation, and countries like Saint Vincent and the Grenadines or the Marshall Islands the preferred locations for many brokerages (and not only) with dubious reputation and shady business practices.


As a general rule we advise our readers to avoid offshore companies and deal with properly regulated and reliable brokerages, like the ones under the supervision of UK’s Financial Conduct Authority (FCA) or the ASIC.

 

  

TAGS: stockpair  south africa  fsb  warning 
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