Is ApexTrade Option scam or reliable? The Maltese’s financial regulator, the MFSA has flagged this unauthorized firm that has been offering financial products in the country.
June 2 2020 | AtoZ Markets – Malta’s financial watchdog, the Malta Financial Services Authority (MFSA) today issued a warning against ApexTrade Options Ltd, a Forex broker that claims to be regulated by a dozen of descent EU regulators.
Is ApexTrade Option scam or reliable?
Contrary to claims on ApexTrade Options website, the regulator said the firm is not a Maltese entity and unrecognized. The MFSA also warns that the firm is unauthorized to provide any type of financial service in or from Malta, including the provision of investment services. The company also lists the logos of Germany’s BaFin, the UK FCA, Italy’s Consob, France’s AMF, among many other authorities that ApexTrade alleges to work under their approvals.
Following in the footsteps of several European regulators, the Malta Financial Services Authority has revamped its regulatory landscape over the last two years. The changes hit almost all investment services providers, including applicants for Category 2 or Category 3 licenses which allow firms to offer contracts for differences (CFDs) and spot forex contracts under the MiFID regime.
MFSA adds MatrixFX Trade to its warning list
The MFSA is also warning against an entity operating under the names of MatrixFX Trade or MFXT Ltd which have an internet presence at https://www.matrixfxtrade.com/. The entity claims to be “a regulated broker by the MFSA over 7 years” that “offers forex and CFD exchanging”.
This website is making unauthorized use and reference to the registered address and other company details of a Maltese licensed company.
The watchdog, however, wishes to alert the public, in Malta and abroad, that MatrixFX Trade or MFXT Ltd are NOT Maltese registered Companies NOR licensed or otherwise authorized by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorized under Maltese law. The public should, therefore, refrain from undertaking any business or transactions with the above-mentioned entities.
The MFSA finally warns investors that when in doubt whether a brokerage firm is a scam or reliable, and whether it is truly licensed by the regulator, they can view the list of entities approved by the MFSA on its official website: www.mfsa.com.mt/pages/licenceholders.aspx.
Have you traded with ApexTrade Options Ltd or MatrixFX Trade before? Let us know your experience in the comments section below!