New Zealand FMA issues warning against FSMSmart and Baihua Global, cautioning investors' community to not deal with these entities. The regulatory body believes that these two firms are not regulated in the country.
3 August, AtoZ Markets – New Zealand’s Financial Markets Authority (FMA) has issued two warnings on its website for investors. The announcements are related to two Forex brokers, namely FSMSmart and Baihua Global.
New Zealand FMA issues Warning Against FSMSmart and Baihua Global
The warning concerning FSMSmart notes that the brokerage claims to be a regulated financial service provider in New Zealand. However, the regulator states that the firm is not registered in the country. In addition, the FMA warns that the company is making unsolicited calls to residents, thus offering their services to individuals.
The regulator states that FSMSmart offers the opportunity to trade Forex and derivatives via its website. On its official website, the brokerage states:
“FSMSmart serves as one of the longest standing and pioneering Forex brokers in the world”.
Investors are supposedly able to trade Forex, derivatives, spreads, and metals via its platform. The company features an option to do so through its MetaTrader 4 and various online and mobile platforms.
The brokerage also claims that it is operated by FMS Smart LIMITED, with its address being Hertensteinstrasse 51 Lucerne, Luzen 6004, Switzerland. The company operates online via www.fsmsmart.com.
FMA Baihua Global Warning
The second warning features the brokerage going under the name Baihua Global. The regulator notes that the broker is misleadingly using the registration details of Booster Funds Management Limited (FSP555786). The latter is a registered fund manager in New Zealand. Yet, the regulator has cautioned that this entity has no connection with Baihua Global.
Therefore, it is noteworthy that Baihua Global is not a registered financial service provider in New Zealand. The FMA also states that the brokerage could be involved in a scam. As per its website, Baihua Global is a: “financial services organization specializing in financial and financial derivatives such as online foreign exchange, precious metals, energy and CFD index CFDs. We provide global traders with a top foreign exchange liquidity provider. Foreign exchange market.”
The brokerage lists its address as Level 5, 13-27 Manners Street, Te Aro, Wellington, 6011, New Zealand and operates via its website www.bfmfx.com.
The New Zealand FMA advises exercising caution when dealing with FSMSmart or Baihua Global.
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