The International Financial Services Commission (IFSC) of Belize is keeping up with renowned European regulatory agencies in supporting and renewing a long blacklist of unregulated brokerages. It appears the unregulated “Forex” brokerage Gann Markets has been the latest addition to the list. The country’s main financial regulatory suspects them being involved in scam operations.
The brokerage Webnet Ltd claims to be a CFD broker and further purports to be regulated by the authorities in Belize with a reference number IFSC/60/152/TS/19, however, such claims are divorced from reality. It operates through the website – gannmarkets.com – and gives a phony address. We also read that the brokerage supports the famous MetaTrader 4 trading platform, however, the broker does not extend potential clients a test-drive of its platform and we conclude it is likely a bogus claim.
The regulators in Belize further state, “The promoters and/or owners GANN MARKETS CORP. are therefore directed to cease and desist from engaging in the said unlicensed activities, which constitute an offence under the Laws of Belize.”
The IFSC has always advised traders to only do business with legitimate firms that hold the proper license. Traders may always check the regulatory status of a given company by going on the online registry of the financial watchdog and typing out the name of the company. Another good idea is simply googling the name of the company and reading reviews from ex-clients of the brokerage, as well as from professional Forex bloggers.