FSB TradingBanks warning


4 May, AtoZForex, Lagos – The recent FSB TradingBanks warning serves as the latest against this broker. South Africa’s Financial Services Board (FSB) is the most recent regulator to issue a public warning regarding this broker. Having received multiple TradingBanks warning from other regulators from various jurisdictions in the past.

TradingBanks operates via the website http://www.tradingbanks.com. The firm claims on its website that: “TradingBanks is a brand owned and operated by ST World Trade Inc., a financial services company authorized and regulated to trade on financial markets including hedging, markets arbitrage, risk management and speculation. The registered office address is located at Vanterpool Plaza, Wickhams Cay I Road Town, Tortola, British Virgin Islands.”

FSB TradingBanks warning

On the basis that the firm is carrying out services without a license, the South African regulator stated that:

TradingBanks is not authorized to render financial services in South Africa and are not representatives of an authorized financial services provider as required by the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002.

The FSB took the opportunity to reiterate that consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800110 443) or on the website www.fsb.co.za as to whether or not such institution or person is authorized to render financial services.

CONSOB TradingBanks warning

Adding to the FSB TradingBanks warning, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB), also issued a public warning against TradingBanks. The Italian regulators clarified that this firm claims to have vast operations across various regions in the world, covering Europe and Asia especially. However, the public has also been warned by the Italian financial regulator not to get carried away by the claims of this broker as it is not regulated to carryout the services for which it claims in the region.

Therefore, individuals are advised not to be carried away by this firm’s numerous dubious claims as it in neither regulated in Belize, Italy nor Switzerland. This again serves as a reminder to the public to only deal with well regulated entities, so as to ensure safety of theie investment.

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