17 May, AtoZForex, Vilnius – After yesterday’s warning against Top Ten Binary Brokers, the Australian Securities and Investment Commission (ASIC) has red-flagged two new brokers today. The Australian financial regulator has issued a warning on FM Trader Ltd and RTG Direct Trading.
ASIC warning on FM Trader
According to the website of FM Trader, the broker describes itself as a brand owned by Terapad services LTD. Yet that company is not authorized in Cyprus according to the website of CySEC. Last year FM Trader was also blacklisted by the French regulator and the Canadian regulator; Manitoba Securities Commission. Similar to the previous warnings of the other local regulators, ASIC's warning also describes that the company is unlicensed to offer its services in Australia.According to the watchdog, the firm does not hold an Australian Financial Services (AFS) license nor an Australia Credit License from ASIC. Yet it has allegedly made calls and sent emails regarding financial consulting, investing or loans.
As the ASIC warning on FM Trader got issued today, the Australian watchdog warns its residents to avoid any dealings with this business entity as it might be involved in a scam.
| FM Trader Ltd | |
| Web-address | www.fmtrader.com |
| Physical Address #1 | 6 Ioanni Stylianou, office #201, 2003,Nicosia, Cyprus |
| Physical Adress #2 | Level 17 Dashwood House, Old Broad Street and 35 Barrack Road, 3rd floor, Belize City, Belize |
Details of warning against RTG Direct Trading
| RTG Direct Trading | |
| Web-address | www. rtgtrading.com |
| Physical Address #1 | 20-22 Wenlock Road, London, UK, N1 7GU |
Similar to the ASIC warning on FM Trader, RTG Direct Trading also received a warning for the same cause. Once already being blacklisted by the Canadian regulator, The firm also is suspected to be involved in a scam. Watchdog warns public not to get involved in any business activities with this broker, as it is not authorized in Australia. The company also has made attempts to offer their services, while lacking related AFS license or ASIC credit license.
ASIC warns potential investors to be careful and strongly advises to deal only with companies with an adequate license for providing financial services within the area. If the person invests money with an unauthorized/unlicensed entity, his/her losses will not be covered by the compensations schemes.
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