ASIC Warns Against FirstForex, Fifx and FIFX Global: “Not Regulated in Australia”
- Another cloned broker gets a warning from a global regulator. This time ASIC is warning investors about FirstForex that it is in fact an unregulated broker and not registered in Australia.
In another example of a an unregulated Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker promoting itself as a licensed entity, the Australian financial services regulator, ASIC, has issued a public warning to consumers to be wary of foreign exchange broker, FirstForex. Marketing itself to Chinese and other Asian clients, according to ASIC, FirstForex, and related entities Fifx and FIFX Global using the domain www.fifx.com are falsely claiming that their services are “under the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of Australia (Regulation No. 290600)." The claimed license is that of home loan financing firm, FirstMac, which doesn’t offer brokerage services.
Commenting in the public warning, ASIC Commissioner Greg Tanzer said, “Neither First Forex, FiFx or FiFX Global are registered Australian companies, nor are their services regulated as a financial services business under Australian law."
Only last week the regulator took action against Global Derivative Serives (GDS) for multiple license breaches and has issued several public warnings over the course of 2014 regarding vigilance over margin foreign exchange providers and discretionary advisory services.
The current warning follows an ongoing trend where we are seeing unregulated brokers marketing themselves falsely as licensed entities, often cloning another firm’s regulatory status as their own. In this case, we can surmise that FirstMac was chosen to be cloned due to the similarity in their name.
In another example of a an unregulated Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker promoting itself as a licensed entity, the Australian financial services regulator, ASIC, has issued a public warning to consumers to be wary of foreign exchange broker, FirstForex. Marketing itself to Chinese and other Asian clients, according to ASIC, FirstForex, and related entities Fifx and FIFX Global using the domain www.fifx.com are falsely claiming that their services are “under the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of Australia (Regulation No. 290600)." The claimed license is that of home loan financing firm, FirstMac, which doesn’t offer brokerage services.
Commenting in the public warning, ASIC Commissioner Greg Tanzer said, “Neither First Forex, FiFx or FiFX Global are registered Australian companies, nor are their services regulated as a financial services business under Australian law."
Only last week the regulator took action against Global Derivative Serives (GDS) for multiple license breaches and has issued several public warnings over the course of 2014 regarding vigilance over margin foreign exchange providers and discretionary advisory services.
The current warning follows an ongoing trend where we are seeing unregulated brokers marketing themselves falsely as licensed entities, often cloning another firm’s regulatory status as their own. In this case, we can surmise that FirstMac was chosen to be cloned due to the similarity in their name.