The South African financial regulator, the Financial Services Board (FSB) published a warning that the forex broker TradingBanks is not registered to provide financial services in South Africa and is not a representative of an authorized financial services provider.
According to the FSA, the company claims it is domiciled in the British Virgin Islands, but according to the broker’s website, www.tradingbanks.com, its headquarters are in Malta. The website also shows TradingBanks is a brand owned and operated by Grizzly Limited. The company is registered in the Malta Financial Services Authority registry, but it does not mean it or TradingBanks are properly regulated.
TradingBanks has been drawing the attention of various national regulators in the past few months. In December last year the Belize International Financial Services Commission (IFSC) warned the broker was falsely claiming it is regulated by it and is related to another company, ST World Trade, which is registered and regulated in the country.
In March this year Switzerland’s regulator FINMA also warned against TradingBanks. Back then the brand was owned by Lau Global Services Corporation, regulated again in Belize.
Obviously within a couple of months TradingBanks has changed owners again as is now the property of Grizzly Limited.
TradingBanks offers trading in forex, CFDs and spot precious metals. The leverage is up to 1:400. The minimum deposit is $10. Trading can be done either on the MetaTrader4 platform or the TBTrader platform.