Unregulated Forex brokerage AG Markets has been blacklisted by the The Austrian Financial Market Authority (FMA). The country’s main financial regulatory suspects them being involved in scam operations.
The brokerage AGMarkets does not give out much corporate information, however, judging by the website it appears to targets Austrian traders. We further stress that the company is registered in Saint Vincent and the Grenadines but claims to have offices in Europe. This most definitely means it’s involved in a scam operation and is purposefully providing conflicting corporate information in order to mislead European traders into wrongfully depositing funds which later are impossible to withdraw.
The FMA 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 Austrian 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.