Forex and CFD brokerage firm, Tickmill has entered the growing blacklist of the financial regulator of Malaysia. Is Tickmill scam or reliable?
November 24, 2020 | AtoZ Markets – Malaysia’s financial regulator, the Securities Commission (SC), has recently been stepping up its efforts to prevent the illegal activities of representatives of the over-the-counter industry in the country.
This time the international licensed trade brand Tickmill was named “the uninvited guest”. Together with this brokerage firm, three more financial organizations were included in the SC blacklist.
Malaysia regulator flags Tickmill as unauthorized
In its announcement on Tuesday, the Malaysian regulator said that these “companies operate in an established market without permission from the Commission.” The main complaint against most companies is that they “are active in the capital markets, including securities and derivatives, without a license.”
“The public is advised not to make any investments or work with companies/individuals that are not licensed or approved by the Commission,” the regulator warned. Other participants in today’s warning are Asset Equity Management, Radiance Consultancy and Islah Trading Capital.
However, it is not yet clear how the Malaysian regulator plans to take action against blacklisted forex brokers, including Tickmill, and whether they can continue to offer their services in the country. Like many other regional regulators, SC is limited to warning, placing the responsibility for the decision on the users themselves.
Recall that literally in October of this year, the Malaysian regulator (SC) issued a warning against two popular Forex brokerages: HotForex and OANDA Malaysia Corporation.
Later, the licensed trade brand Just2Trade, which is part of the Russian group of companies FINAM, was also included in the “blacklist”.
The Malaysian regulator previously flagged Binance, eToro, OctaFX, and FintechFX, saying they were not authorized to operate in the country.
Is Tickmill scam or reliable?
Tickmill remains a well-regulated and respected brokerage across the Forex industry where the security of its traders remains paramount.
Tickmill is regulated by the Seychelles Financial Services Authority (FSA), where it holds a security dealer license under number SD008. Tickmill UK LTD is also authorized by the British watchdog, the Financial Conduct Authority (FCA) with registration number 717270.
Furthermore, Tickmill Europe LTD has secured a Cyprus Investment Firm (CIF) license issued by the Cyprus Securities and Exchange Commission (CySEC) with license number 278/15.
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