The Japanese regulator has issued warnings against two Forex brokerages, FXGlobe and Tradeview. Is FXGlobe a reliable broker and how about Tradeview?
6 December, AtoZForex – The Kanto finance bureau of Japan’s Ministry of Finance (MoF) has warned investors against using services of two Forex Brokers adding the entities to its warning list. These two brokerages are FxGlobe and Tradeview Markets. The reason behind the warning is as follows: the companies were soliciting potential clients in Japan without being registered.
Is FXGlobe a reliable broker?
FxGlobe is a Cyprus based brokerage, registered with the Cyprus Securities and Exchange Commission (CySEC). The company is an online forex broker, operating via www.fxglobe.com website. The following statement can be found on the company’s website:
"As a fully regulated broker, we help customers of all levels around the world to step into the cutting-edge Margin FX and CDFs marketplace."
Although FxGlobe is regulated by the CySEC, it is not registered with Kanto. Therefore, the brokerage is not permitted to offer its services to Japanese clients.
An alert against Tradeview
Referring to the other entity that was added to the warning list, Tradeview Markets is located at Grand Cayman, KY 1-1108, 94 Solaris Avenue; Suite 1348 Camana Bay, Cayman Islands. It is an online brokerage, running its operations through www.tradeviewforex.com website. The company is regulated by Cayman Island Monetary Authority (CIMA) and offers its services to both institutional and professional traders. Among the services provided are electronically traded products, including forex, options, stocks, futures, and CFDs.
Alike FxGlobe, Tradeview has been soliciting Japanese investors, while not being registered with the regulator.
Kanto's precaution to investors
The regulator also reminded that investors can find out if the company is registered and, thus, authorized to provide its services in Japan by checking the website of the Japanese Financial Services Authority (JFSA). Also, investors should keep in mind that they will be protected only if they use services of firms properly licensed and regulated in Japan.
In November, the Japanese regulator also alerted investors against the binary options firm, Banco Capital. Because it tried to solicit traders through the internet.
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