MFSA Issues Warning Against Unauthorized Fx Broker Fxfinancepro


Maltese financial regulator, the MFSA has issued a warning to investors, stating that Fxfinancepro unauthorized to provide services in Malta.

October 29, 2020 | AtoZ Markets – The financial markets regulator of Malta, the Malta Financial Services Authority (MFSA), has on Thursday issued a warning for the investors’ community. The financial watchdog has stated that it has become aware of an entity that purports to be an “online Forex broker that operates under the name of Fxfinancepro.

MFSA warns against Fxfinancepro

According to the regulatory filings, the firm is known to have an internet presence at https://fxfinancepro.com/. This online Fx brokerage claims to offer a wide selection of investment products such as Forex, Metals, Indexes, Energies, Stocks, ETFs, and Cryptocurrencies. However, the MFSA does not believe that this is a genuine statement.

MFSA official warning statement against Fxfinancepros reads:

The MFSA wishes to alert the public, in Malta and abroad, that Fxfinancepro is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.”

Read also: MFSA Warns Against Two Unlicensed Crypto Exchanges

MFSA urges Maltese investors to be wary of scam Fx brokers

Following on this, the MFSA notes that it strongly advises investors and other Maltese residents that before making any investment or entering into any financial services transaction, they have to make sure that the entity is fully legal.

Almost every entity offering financial services in Malta has to be authorized to provide any services by the MFSA or other financial services regulatory authority in the country.

MSFA also reminds that investors can find the list of entities authorized by the regulator on the official website of the Malta Financial Services Authority.

If you are a victim of a scam or think you might be dealing with an unauthorized entity or any other type of financial scam, first of all, stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as suspicion arises,” MFSA added.

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