The Belize financial watchdog has issued a warning stating that a company calling itself TradeFxP is falsely and fraudulently claiming to hold a trading in securities license issued by the International Financial Services Commission of Belize.
The update was released by IFSC Director General Neri J. Matus, who last issued a warning against TRADE24 Investments in June for a similar offence.
In its latest case, Matus said that all persons concerned should exercise extreme caution and note that the aforementioned entity is not licensed by the IFSC or any other competent authority in Belize to carry out any type of trading activity. Furthermore, the certificate of incorporation on its website under the url is a “complete forgery”.
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According to the website, TradeFxp which is located at 20-22 Wenlock Road, London, UK, describes itself as “an international forex broker incorporated in UK which has become one of the leaders in the field of providing services on financial markets”.
It is not yet clear how many clients may have been affected by the firm which has been cited today for forgery over its regulatory status. Therefore, this is a warning sign of other potentially fabricated aspects of its business with regard to credibility.
Belize is known as an offshore destination for brokers that want to meet fewer and softer criteria and to comply with less strict rules and requirements than if they registered in other jurisdictions and on further inspection of this broker’s website, Finance Magnates found it to be lacking somewhat in transparency.
This aspect, coupled with the broker’s forged certificate of authentication, should serve to deter potential investors away from this trading platform.