Is your Forex broker reliable? FMA warns against IRCFX


FMA is famous for promoting efficient, transparent and most importantly – fair financial markets. The watchdog pointed out to another broker IRCFX which is working without proper registration. Is it a scam?

3 August, AtoZForex – New Zealand’s Financial Markets Authority (FMA) is an independent entity, who is responsible for safeguarding confidence in the country’s financial markets and supporting the growth its capital base via effective regulatory activities. Today the regulator has updated its warning list by blacklisting the brokerage firm InterRock Capital. As FMA warns against IRCFX, the official statement was issued explaining the reasons behind the warning.

FMA warns against IRCFX: details

The broker firm IRCFX, which is also known as Aino Financial provides a number of  Forex services including CFDs, stocks, indices, and futures trading. The company is currently operating through the website www.ircfx.com.au.

According to the warning, InterRock Capital claims to be authorized to provide financial services in New Zealand, while it is not true.The FMA reported that the company is using the registration details of the registered Australian brokerage Vantage FX NZ Pty Limited. However, there is no connection between two firms whatsoever. No other regulation is listed on the website.

Lack of transparency

The website of the broker lacks transparency as the contact and registration details are not clear. The website is all in Chinese and the English version seems not to work. The Live Chat of the website is not available at the moment as well.

InterRock Capital is the latest company that was added to the warning list of the FMA. The regulator blacklists only the overseas brokerage firms which offer their financial services to New Zealanders without being authorized and registered by the regulator. As FMA warns against IRCFX, the regulator warns the public as well and strongly recommends the potential investors not to invest money through this company.Lastly, AtoZ Forex advises investors to trade with AtoZ approved Forex brokers.

See also: How Canadian regulators deal with Boiler Room Fraud

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