11 June, AtoZForex.com, Lagos — Forex Trend is licensed by New Zealand’s Financial Services provider to carry out its trading activity at the exchange, over-the-counter markets, field of investments operations, fund management, securities and investment portfolios. It was reported some weeks back that Forex Trend experienced a website outage, which marked only the first issue on the long list of recent problems of the firm.
The website incident occurred amidst an ongoing scrutiny of the firm by the FMA. In sequence, the FMA issued a warning against Forex Trend that cautioned the clients of the firm about the situation. This warning was due to complains that have been received by the New Zealand regulator from some of Forex Trend’s clients. In more detail, the FMA received reports from overseas customers of the Fx fund management company that they have failed to follow customers’ instructions and requests for withdrawals. Even after the resurrection of the Forex Trend’s wesite, no official statement can be found on the homepage of the firm could be found that should provide an explanation upon the incident. Hence, Forex Trend bankruptcy is still a risk as the firm is still considered to be insolvent.
The latest news in regard to the situation of Forex Trend Limited is definitely a sad one, impacting the firm’s clients of the firm, as the New Zealand financial regulator ordered the de-registration of the company from the Financial Service Providers (FSP) register. As the situation of Forex Trend worsens, the FX firm’s problems have actually been flagged for quite some time in advance. Back in February 2015, the FX broker was red flagged and added to Russia’s self-regulatory Forex body CRFIN blacklist. Based on the the large number of complaints from many of Forex Trend’s clients in the Russian jurisdiction, these complaints were mainly about the inability of Forex Trend to meet its obligations.
The blacklist initiation was set into motion right after Alpari RU penned an open letter addressing the wrong usage of the “PAMM account” trademark by Forex Trend. As the trademark has been wrongly used and abused by Forex Trend. Therefore posing potential and considerable damage to PAMM system methodology and the Industry in general.