16 May, AtoZForex, Vilnius – The Malta Financial Services Authority (MFSA) issued a warning against the Forex broker Alpha Capital Markets (Alphacmarkets). The company operates online through its website alphacmarkets.com. The Forex broker was flagged by the Malta’s financial watchdog for falsely stating that it is licensed by MFSA.
According to the MFSA AlphaCMarkets broker warning unlike many other Forex brokers, Alphacmarkets offers its tradable instruments through the VertexFX platform, instead of the popular MT4. AlphaCMarkets claims to be an "agency only broker" (Visit Forex Directory of Agency model Brokers) while sourcing liquidity from leading proprietary trading desks and banks. The Forex broker offers its services in three different languages, including English, Arabic, and French.
Regarding its authorization, the Forex broker's website states full transparency and "integrity" of the financial services offered:
“Our company holds such a prestigious license that ensures you to trade in a regulated and supervised environment” – states the website of the company, which is not true as the MFSA broker warning states.
MFSA broker warning details
The company, for which no physical address details are shown, was also misleading investors by using trade name of legitimate firm authorized by the UK Financial Conduct Authority. The watchdog has therefore warned the public to abstain from undertaking any financial and business actions with this entity. Also, MFSA states the fact of increased risk caused by lack of authorization for providing financial services within Malta and the rest of European Union.
The regulator has disclosed the contact details of the broker:
|B.A.H. Alpha Markets|
As the international market is experiencing an increase of Forex frauds, it is highly recommended to deal only with entities which have an adequate license for providing financial services within the area. If anyone is committing money with an unauthorized entity, his or her losses will not be covered by the compensations schemes. You can check the list of brokers licensed by the MFSA on the website of the regulator.
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