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Switzerland’s FINMA warns of forex broker ProfitTrade24

Feb 19 2018
By
Jonathan Smith

 Switzerland’s financial markets and services regulator FINMA has issued a warning against the forex broker ProfitTrade24.


In its typical curt style, FINMA does not provide much information about the broker or of the reasons for the warning, but it seems that what caused it is the fact that ProfitTrade24 provides an address in Zurich and a filial address in Saint Petersburg, Russia. As per the Swiss legislation, the companies providing financial services in or from the country, must be licensed by FINMA. Obviously, however, ProfitTrade24 is not.


According to the broker’s site, it is “one of the leaders of online trade in the CIS. Since 2007, it has been serving retail and institutional clients from more than 10 countries in Europe, Asia, the Middle East, one of the most advanced and simple trading platforms, where over 200 instruments are traded in the foreign exchange market, the wholesale metals market, the stock and futures markets.” According to a YouTube review, however, ProfitTrade24 is a scam.


Besides, the broker claims it is “authorized and regulated by the Financial Regulation Authority (FCA). FCA is the leading independent non-governmental organization with legal powers under the UK Financial Services and Markets Act 2000.” First off, “FCA” stands for “Financial Conduct Authority” and secondly, our check revealed that ProfitTrade24 is most definitely not in FCA’s Financial Services Register.


The broker also claims to be authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), and to have “an international license from CySEC, which authorizes the provision of investment and other related services.” But, not surprisingly, this is another false claim. ProfitTrade24 is not present in CySEC’s registers – neither as a Cypriot investment firm, nor as an investment firm from member sates.

 

TAGS: finma  switzerland  warning  profittrade24  scam 
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