ASIC Adds 10 Unauthorized Financial Firms to its Blacklist

The firms range from FX, CFD, and cryptocurrency brokers, to investment firms.

Through its independent guidance website MoneySmart, the Australian Securities and Investments Commission (ASIC) has blacklisted a number of financial companies that are soliciting funds from Australian residents without holding a current Australian financial services (AFS) license or an Australian credit license.

Just today, the Australian regulator has added a significant ten separate entities to its blacklist, ranging from foreign exchange (forex), contracts for difference (CFD) and cryptocurrency brokers, to investment firms.

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Specifically, ASIC has flagged Igoten OU, Brighter Trade, uTrader, Day Dream Investments Ltd, IDX Trading, Marsh Treasury, Eidelberg Geller, Financial Capital Alliance (Asia) Ltd, Kingsman Investment Limited and KML Investments Limited. You can see all the warnings from the regulator here.

A few of the more notable warnings include Igoten OU, which also goes by the name of Brighter Trader. According to its website, which can be found at https://brightertrade.com/, the company allows traders to trade currencies, commodities, stocks, and indices through its trading platform.

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The firm claims its address as Harju maakond Tallinn Kesklinna linnaosa Roosikrantsi tn 2-K367, 10119 ESTONIA. Despite the perceived authenticity of its website, the firm does not have the proper license or authority to offer its services in Australia.

Often, this means that the company is running a scam or illegitimate operations. As a result, consumers should give this company a wide berth and avoid dealing with this alleged broker altogether.  

ASIC adds uTrader to its warning list

ASIC has also blacklisted uTrader which is also known as Day Dream Investments Ltd. According to the regulator: “The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”

uTrader operates via https://en.utrader.com/. The firm claims that it is: “a safe and secure trading platform. uTrader lets you trade CFDs, Forex and Options on various assets and gain up to 85% on every trade.”

Again, due to ASIC’s warning and the fact that the company is operating without a license, residents of Australia should avoid dealing with this broker. If you have been contacted by the broker, the regulator advises that you reach out to ASIC.

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