The Malta Financial Services Authority warns against MerexMarkets.com, an apparently unregulated broker with offices in Cairo and Tbilisi, advising the public that the firm is neither registered nor regulated in Malta.
The Malta Financial Services Authority (MFSA) announced last Friday that Merex Markets, operator of the website merexmarkets.com, is neither a company registered in Malta nor licensed by the MFSA to provide any kind of financial service, according to the public advisory.
In reviewing brief parts of the MerexMarkets.com website, Forex Magnates' research team concluded that although the firm lists offices in Cairo, Egypt and in Tbilisi, Georgia, there were certain claims boasting a 'faultless' strategy, including the following excerpt from their in-house managed account offering: "Our faultless system is based on constant volume being traded, whilst our expert team has complete control over risks involved. This same strategy has been tested over a period of 2 years, in all the FX currencies, and the profit always averages between 7 and 12% monthly. The minimum deposit required is 10,000 USD."
The firm claims to offer an MT4 platform on its website, and in addition, the track record listed for the above mentioned strategy hasn't had a losing month in two years, and purported double-digit returns on many of the months.
While this could be true, a lack of regulatory status, absence of disclaimers and unbalanced claims of profit potential without any mention of risk, lead one to believe that either the level of professionalism is missing (at best), or results are cherry-picked, as the described "tested" strategy would mean that the numbers are hypothetically-based, and probably on an over-fitted back-test, meaning the results were curve fitted to the data (something easy to do using the MT4 strategy tester back-testing feature).
Malta Increasingly Sought for Forex Regulatory Status, Binary Options Soon
While the island country of Malta is quite small relative to other island nations, the Mediterranean paradise has attracted considerable interest as its regulatory framework has improved in recent years.
With regards to last Friday's warning, also noted from the MFSA was the reminder that investors and financial services consumers should conduct thorough due diligence to ascertain the regulatory status with any financial company offering services, whether regulated with the MFSA or other reputable financial services regulator.
Currently there are about 117 entities regulated by the MFSA under the category of 'Securities & Markets' and sub-category 'Investment Services', including known FX brokers, as Malta continues to build its stake in the market share of global regulatory hubs attractive to online investment companies.
The Malta Financial Services Authority (MFSA) announced last Friday that Merex Markets, operator of the website merexmarkets.com, is neither a company registered in Malta nor licensed by the MFSA to provide any kind of financial service, according to the public advisory.
In reviewing brief parts of the MerexMarkets.com website, Forex Magnates' research team concluded that although the firm lists offices in Cairo, Egypt and in Tbilisi, Georgia, there were certain claims boasting a 'faultless' strategy, including the following excerpt from their in-house managed account offering: "Our faultless system is based on constant volume being traded, whilst our expert team has complete control over risks involved. This same strategy has been tested over a period of 2 years, in all the FX currencies, and the profit always averages between 7 and 12% monthly. The minimum deposit required is 10,000 USD."
The firm claims to offer an MT4 platform on its website, and in addition, the track record listed for the above mentioned strategy hasn't had a losing month in two years, and purported double-digit returns on many of the months.
While this could be true, a lack of regulatory status, absence of disclaimers and unbalanced claims of profit potential without any mention of risk, lead one to believe that either the level of professionalism is missing (at best), or results are cherry-picked, as the described "tested" strategy would mean that the numbers are hypothetically-based, and probably on an over-fitted back-test, meaning the results were curve fitted to the data (something easy to do using the MT4 strategy tester back-testing feature).
Malta Increasingly Sought for Forex Regulatory Status, Binary Options Soon
While the island country of Malta is quite small relative to other island nations, the Mediterranean paradise has attracted considerable interest as its regulatory framework has improved in recent years.
With regards to last Friday's warning, also noted from the MFSA was the reminder that investors and financial services consumers should conduct thorough due diligence to ascertain the regulatory status with any financial company offering services, whether regulated with the MFSA or other reputable financial services regulator.
Currently there are about 117 entities regulated by the MFSA under the category of 'Securities & Markets' and sub-category 'Investment Services', including known FX brokers, as Malta continues to build its stake in the market share of global regulatory hubs attractive to online investment companies.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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 π 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
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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 π 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
π£ 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 Africaβs 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 π 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
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs 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 π 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
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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
π£ Stay updated with the latest in finance and trading!
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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.
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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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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