The Kanto finance bureau of Japan’s Ministry of Finance (MoF) today issued a warning on its website cautioning the public against HighTrade FX, operating online via https://high-fx.com/.
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According to its website, HighTrade FX is owned by Pacific Investments Private Limited, which is located in the Maldives and provides financial services to the International Market, including forex, CFD, commodity, index, broker hedge, various cards, fund management and money management services.
The broker is the latest name to be added to its list of financial service providers who have promoted their services to Japanese investors but are not authorised to do so in the absence of registration. Earlier this month, Kanto added a further seven FX and binary options firms to the list as part of the agency’s ongoing attempts to clamp down on unauthorised trading.
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In this case, HighTradeFX had been attempting to solicit traders via the internet and conducting over-the-counter derivative transactions.
Besides not having the required licences in Japan, the agency has warned that the information obtained from the associated solicitation materials may be inaccurate. Investors are also able to check on the Japanese Financial Services Authority (JFSA) website to confirm if a company is registered and regulated in the country. Customers are not afforded the protections available to firms properly licensed and regulated in Japan.