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Unregulated brokerage TradeFintech ends up on FMA’s blacklist

Jan 29 2019
By
Jonathan Smith

 

New Zealand’s Financial Markets Authority (FMA) has updated its warning list of suspected scams with TradeFintech earlier today.

 

We are concerned that TradeFintech may be operating a scam and accordingly advise New Zealand residents to exercise caution before dealing with them,” the regulator stated on its website.

 

The broker operates via the www.tradefintech.com website, which currently lacks any information regarding the company operating the brand, its headquarters, etc. Previously, TradeFintech claimed to be owned and operated by Scotland-based S.O Strategic Partnership LP. Nevertheless, the broker is not licensed by UK’s Financial Conduct Authority, nor by NZ’s FMA or any other financial authority. This means that TradeFintech is not entitled to operate on any regulated market, as it obviously does.

 

It is also obvious that the broker is involved in some sort of scam, as a lot of investors have complained in the user comments below our review that they have been swindled out of their money by TradeFintech.

 

Generally, we always advise traders to avoid dealing with unregulated financial services providers, as most of these are involved in investment frauds. There are a number of properly licensed brokers to choose from, like the ones regulated by the FCA or the Australian Securities and Investment Commission, or the NZ’s FMA.

 

TAGS: FMA  warning  TradeFintech  New Zealand  scam  regulation 
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