Unregulated Forex brokerage GFC Investment has been blacklisted by Australian financial watchdog The Australian Securities and Investment Commission (ASIC). Traders are advised not to invest with the brokerage which is suspected to be involved in fraudulent activities.
The companies behind the Forex brokerage are registered in Saint Vincent and the Grenadines and Estonia. GFC Investment – with a website gfcinvestment.com – purports to provide clients with a wide range of financial instruments on a web-based terminal. However, as is typical for unregulated brokerages – it does not disclose any information regarding its trading conditions. Brokerages operating in Estonia have to be licensed by the Estonian Finantsinspektsioon, however, as of yet – only one Forex brokerage actually holds a valid license, Admiral Markets. The company behind the brokerage does not fall under any regulatory oversight.’
ASIC is the main financial regulator in Australia charged with the oversight of all financial activities in the country. They include: local companies, financial markets, financial services organizations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit.