6 June, 2017 | AtoZ Forex – The Australian Securities and Investments Commission (ASIC) has issued a warning for investors’ community on its website. Particularly, the Australian financial supervisor warned against dealing with Forex brokerage Trade12. According to the regulatory findings, the firm has no authority to operate in the country.
ASIC warns that Trade12 is not a reliable broker
The Australian watchdog has cautioned the public against dealing with unregulated brokerage Trade12. Moreover, the ASIC has stated that the firm was operating without the Australian Credit License or an Australian Financial Services (AFS) license. This is against Australian financial law.
Specifically, the ASIC states that the firm has been sending out the emails to the Australian clients in regards to the online trading services. Moreover, the Australian regulator highlights that Trade12 has been making phone calls to the clients in Australia. Additionally, the official alert from the ASIC states:
"ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia."
Since the ASIC reports that this firm has no registration in Australia, it also warns against accepting the offers from this entity. Furthermore, the Australian regulator has shared the details of the firm in the official announcement:
Address: Tominae 5, Tallin 10145, Estonia
Phone: +1888 293 6433
Is Trade12 a reliable Forex broker?
Trade12 is a brokerage that offers Forex and futures trading online services. The firm is operating online via https://www.trade12.com/. A visit to the official website of Trade12 reveals that the firm is utilizing the Meta Trader 4 trading platform. Moreover, the company is owned and operated by UK Company Global Fin Services Limited.
This is not the first time the brokerage is under the spotlight of the regulators. On the 2nd March, The British Columbia Securities Commission (BCSC) has published a warning against Trade12. Canadian BCSC has added one more unauthorized entity Trade12 to its Investment Caution List.
Another regulatory notice against Trade12 came from Russia’s Commission Regulation of Financial Markets Relations (KROUFR). In October 2015, the KROUFR has cautioned the public against dealing with a company, exposed to be suspicious in its affairs. The addition to Russian watchdog’s blacklist came with the name of another Forex broker, Trade12.
Is Trade12 secure to invest? Do you have experience with Trade12? Share with us in the comments section below.