Trade99 Has Hallmarks of Scam, New Zealand’s FMA Warns

Trade99 is withholding client funds, the regulator warned.

The Financial Markets Authority (FMA), the New Zealand government agency responsible for financial regulation, announced this Thursday that it had identified another entity operating in the country that has the hallmarks of a scam.

In particular, the New Zealand authority has warned against the following entity:

ENTITY NAME: Trade99

WEBSITE: www.trade99.com

PHONE:  +37 288 04999

EMAIL: legal@trade99.com

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According to the statement published on its warnings and alerts page, individuals from Trade99 have been contacting residents of New Zealand, claiming to have investment offers, and have been withholding client funds. Because of this, the regulator suggests Trade99 has the “hallmarks of a scam.”

FMA urges caution when dealing with Trade99

“We recommend exercising caution before dealing with Trade99 and the website www.trade99.com as Trade99 is not listed on the FSPR and is not an incorporated company in New Zealand,” the watchdog warned today.

Following the URL provided by the FMA, Trade99 claims to be the world’s first fully regulated bitcoin-only based contracts for difference (CFD) trading platform. On its website, the entity states that it is regulated in the European Union as a virtual currency exchange and a virtual wallet service.

“Trade99 is a trading platform like none other. We have one of the most dedicated and specialized teams of professionals who work passionately in conjunction with the customer demand to provide exceptional services,” the company states on its website.

“We offer competitive prices and ease of trading along with continuous support and safety to the customers. Trade99 has one of the world’s best customer support team always standing by your side. Our inimitable style, coupled with integral efforts of our team, has enabled us to emerge as a unique trading platform that caters to the need of every trader. Be it the novice or the professional, the hobby trader, or the daily grinder; our platform can be used equally by all.”

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