FMA is one of the most active regulators in the financial markets.
Despite the high level of warnings, the number of scams in NZ is reportedly decreasing.
New
Zealand's market regulator has just added five new entities to its list. They
offer investment services for retail traders, asset management, or term
deposits, and some have been classified as clones of fully operational
institutions.
New Zealand's FMA Adds 5
New Firms to Warning List
Within the
last 24 hours, the Financial Market Authority (FMA) of New Zealand updated its
warnings and alerts list five times. The list now includes Ocean Trade, Cato
Asset Management, Bronte FX, Co-operative Bank, and Bank of China.
Ocean Trade
operates under twelve different web addresses, using the officially registered
data of Mercado Limited (registration number 7353856). Mercado's director
confirmed to the FMA that his entity has nothing to do with Ocean Trade.
“ocean-trade.org;
perfectglobaltrade.org; livetradeinvestment.com; cryptoprofitrade.com;
coinminetinvest.com; cryptoprofitrade.com; cnkglobalinvestment.com;
stakefunds.org; episodegrab.org; upliftfxinvest.net; coinfinancefxtrading.com;
realearners.net; coinfinancefxtrading.com,” the FMA listed the websites
associated with Ocean Trade, warning the public to be cautious.
Another
fraudulent company, Cato Asset Management, as the name suggests, offers asset
management services. With Bronte FX, which allows trading in CFDs, the
regulator has classified it as an “imposter website.” Besides using the
licensing data of other entities, dishonest companies also try to copy the look
of their websites to confuse consumers. In the case of Bronte, the FMA received
information that clients were having trouble withdrawing their funds.
The last
two warnings concern the Co-operative Bank and Bank of China offering
"fake term deposits.” Scammers offer term deposits with unusually high interest
rates or returns to entice investors. However, the rates are often unrealistic
and too good to be true.
“Scammers
are sending out highly professional-looking product disclosure statements
featuring Bank of China’s name, logo, address, and registration details,” the
FMA commented on the warning against the fake Bank of China.
Number of Scams in New
Zealand Decreases
However,
there has been an increase in websites impersonating registered entities in New
Zealand, and the number of potential financial scams and activities of unlicensed
businesses has significantly decreased since mid-2022.
The FMA's
recent report for 2023 highlights this trend, showing a decrease in warnings
and alerts compared to the previous year, with 47 instances of suspected scams,
a significant drop from the 105 cases reported in 2022.
However,
the FMA has recognized a new trend in deceptive practices, adding a “imposter
websites” category to its report. This category reflects the growing number of
fraudulent actors and companies imitating licensed firms. Despite the FMA
issuing 29 warnings in this new category, the total number of alerts in 2023
was 89, down from 111 in 2022, indicating a general decline in such fraudulent
activities.
New
Zealand's market regulator has just added five new entities to its list. They
offer investment services for retail traders, asset management, or term
deposits, and some have been classified as clones of fully operational
institutions.
New Zealand's FMA Adds 5
New Firms to Warning List
Within the
last 24 hours, the Financial Market Authority (FMA) of New Zealand updated its
warnings and alerts list five times. The list now includes Ocean Trade, Cato
Asset Management, Bronte FX, Co-operative Bank, and Bank of China.
Ocean Trade
operates under twelve different web addresses, using the officially registered
data of Mercado Limited (registration number 7353856). Mercado's director
confirmed to the FMA that his entity has nothing to do with Ocean Trade.
“ocean-trade.org;
perfectglobaltrade.org; livetradeinvestment.com; cryptoprofitrade.com;
coinminetinvest.com; cryptoprofitrade.com; cnkglobalinvestment.com;
stakefunds.org; episodegrab.org; upliftfxinvest.net; coinfinancefxtrading.com;
realearners.net; coinfinancefxtrading.com,” the FMA listed the websites
associated with Ocean Trade, warning the public to be cautious.
Another
fraudulent company, Cato Asset Management, as the name suggests, offers asset
management services. With Bronte FX, which allows trading in CFDs, the
regulator has classified it as an “imposter website.” Besides using the
licensing data of other entities, dishonest companies also try to copy the look
of their websites to confuse consumers. In the case of Bronte, the FMA received
information that clients were having trouble withdrawing their funds.
The last
two warnings concern the Co-operative Bank and Bank of China offering
"fake term deposits.” Scammers offer term deposits with unusually high interest
rates or returns to entice investors. However, the rates are often unrealistic
and too good to be true.
“Scammers
are sending out highly professional-looking product disclosure statements
featuring Bank of China’s name, logo, address, and registration details,” the
FMA commented on the warning against the fake Bank of China.
Number of Scams in New
Zealand Decreases
However,
there has been an increase in websites impersonating registered entities in New
Zealand, and the number of potential financial scams and activities of unlicensed
businesses has significantly decreased since mid-2022.
The FMA's
recent report for 2023 highlights this trend, showing a decrease in warnings
and alerts compared to the previous year, with 47 instances of suspected scams,
a significant drop from the 105 cases reported in 2022.
However,
the FMA has recognized a new trend in deceptive practices, adding a “imposter
websites” category to its report. This category reflects the growing number of
fraudulent actors and companies imitating licensed firms. Despite the FMA
issuing 29 warnings in this new category, the total number of alerts in 2023
was 89, down from 111 in 2022, indicating a general decline in such fraudulent
activities.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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