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Forex Scam: ASIC warns against YoutradeFX

Nov 19 2014
By
Forexbrokerz.com
The warning comes 3 months after YouTradeFX sold its Australian customer book to AvaTrade and launched a binary options trading service called Woojoo Trader
 
ASIC has today cautioned Australian investors against dealing with the company or group YoutradeFX for trading in margin foreign exchange (FX).
 
ASIC advises that YoutradeFX is not regulated by ASIC, nor is it licensed to trade in margin FX in Australia, as has been stated by several websites that review and comment upon FX trading.
 
The company previously known as Youtrade Capital Markets Australia Pty Ltd is now known as Golden Sky Australia Pty Ltd and holds an Australian financial services (AFS) licence. The company was previously associated with the YoutradeFX group, however, since July 2014 and following inquiries by ASIC, it has not:
 
 - been part of the YoutradeFX group
 - provided FX trading or contracts for difference (CFDs), or
 - operated under the name Youtrade Capital Markets Australia Pty Ltd.
 
ASIC has issued this advice to ensure that investors do not unwittingly invest with YoutradeFX in the mistaken belief they are dealing with a licensed entity and are afforded certain protections that exist under the Corporations Act 2001.
 
ASIC urges all investors considering trading in margin FX and other financial products to check they are dealing with an entity that is licensed in Australia, or authorised through an AFS holder and regulated by ASIC. This can be done by searching the Professional registers on our website.
 
Investors located outside Australia should ensure the company they are dealing with is licensed to provide services in that jurisdiction with the local regulator. Links to the websites of international regulators that are members of the International Organization of Securities Regulators (IOSCO) are available on the IOSCO website.
 
Background
 
ASIC has recently commenced a surveillance of Australian entities, licensed and unlicensed, that provide margin FX and CFDs, following concerns about possible non-compliance with Australian regulatory requirements by a number of issuers.
 
ASIC's recent action in relation to retail margin FX licensees include:
 
 - cancelling the AFS licence of an online FX broker after an investigation found it failed to comply with a number of its AFS licence obligations (refer: 14-226MR)
 - shutting down unlicensed FX trading (refer: 14-155MR), and
 - accepting an enforceable undertaking from an online FX broker operating managed discretionary accounts (refer: 14-036MR).
 - ASIC has also warned retail investors about the dangers of FX trading (refer: 13-283MR).
 
 
TAGS: youtradefx  woojoo trader  asic  forex scam  warning  australia 

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