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Is Selected Markets Scam or Reliable? FMA Warns

Is Selected Markets Scam or Reliable? FMA Warns

Is Selected Markets scam or reliable? The Austrian and New Zealand Financial Market Authority (FMA) has published a warning notice against Halsted Holdings Ltd (Selected Markets). According to both FMA, the regulator did not authorize the entity to provide commercial investment advice or services concerning financial instruments in the country.

29 January, 2020 | AtoZ Markets – Scams are growing rapidly in the financial markets, specifically, forex and cryptocurrency industries. The FMA already issued several investor warnings in 2020. Moreover, the recent warning is against Prestige Financial Markets. FMA did not authorize the entity to carry out banking transactions in Austria.

Is Selected Markets Scam or Reliable?

According to its website, Selected Markets provides financial stability and guarantees a sustainable future. It is a Forex broker and offers over 200 tradable assets including commodities, currencies, indices and stocks. Halsted Holdings Ltd. owns and operate Selected Markets. The company also incorporated in St. Vincent and the Grenadines with registration number 25265 BC 2019.

However, Austrian and New Zealand FMA has added another name (Halsted Holdings Limited) into its warning list of unregulated companies and suspected scams. According to the regulator, Halsted Holdings Limited’s trade name is Selected Markets. The company operates through the website www.selectedmarkets.com.

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Moreover, the regulator said Selected Markets might involve in a scam. FMA did not authorize the company to provide investment services in Austria and New Zealand that require a license. 

Moreover, ASIC, the Australian watchdog, has already reported on its website that this company may be involved in a scam and is unlicensed in Australia.

The regulator strongly advises the public to refrain from giving money to entities with such claims. Investor should confirm their authenticity before acting.

Read More: Russian Police Raid Larson&Holz Impersonating Forex Broker

CySEC Warns City Group Italy Banking Group

CySEC (Cyprus Securities and Exchange Commission) has issued a warning of fraudulent messages sent by the City Group Italy Banking Group. However, the company uses the CySEC logo and claims that it has been authorized by the Italian supervisory authority (CONSOB). The company also wanted to recover the investments lost in online trading under “Investor Compensation Fund” law.

The content of City Group Italy Banking Group’s messages is false and misleading. Moreover, CySEC reminds the public to check their website for warnings and to remain vigilant for unsolicited communications from CySEC.

The watchdog also advised the public to always verify the identity of the company (details on the identity, country of establishment, etc.). Besides, the watchdog argues that never trust a company if it cannot be clearly identified.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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