Unregulated Forex brokerage TradeFintech has just been added to the warning list of New Zealand Financial Markets Authority on suspicions it is involved in fraudulent activies.’
The official warning reads that the FMA suspects the brokerage of operating a scam and warns traders in New Zealand to exercise caution before dealing with them.
We have reviewed the brokerage which operates via the website www.tradefintech.com but does not disclose any information about itself, nor even the supposed country of origin. Beforehand, TradeFintech purported to be owned and operated by a Scottish company registered with the name S.O Strategic Partnership LP. Regardless of this, we guarantee traders that the brokerage does not hold a license by the UK’s FCA, nor by the authorities in New Zealand. As a matter of fact, Trade Fintech is operating illegally at the moment.
As a rule of thumb we always recommend traders avoid doing business with unregulated CFD brokerages because the risk of falling victim to a scam is quite high. Interested traders may choose from a wide list of legitimate properly regulated brokerages in the UK, or in Australia, as well the EU.