The Financial Markets Authority (FMA), a New Zealand regulator, has posted a series of warnings on its website. The warning concerns Finance Group Corp, Cent Projects Ltd, and Caxton Global.
According to the statement, the regulator has received a report which states that a representative from Finance Group Corp (FGC) of Vanuatu and/or Cent Projects Ltd (CPL) of Seychelles contacted a New Zealand resident via Instagram. Through the social media platform, the representative promoted dealings through the website www.24startrade.com. Since this initial contact, the representative has withheld funds from the client.
Through the website, 24StarTrade claims to offer traders the opportunity to invest in forex and CFDs. The broker allows consumers to trade in either fiat currencies or cryptocurrencies. FGC claims to be located on the Second Floor, Transpacific Haus, Lini Highway, Vanuatu while CPL’s address is 309 & 310 Albert Street, Victoria, Mahe, Seychelles.
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The FMA warns that neither FGC or CPL are registered in New Zealand to provide financial services. The New Zealand watchdog urges caution when using the services from this website, as it has the characteristics of a scam.
The statement also adds that the Autorité des marchés financiers and the Autorité de contrôle prudentiel et de resolution in France recently published a warning about another website www.BinaryCent.com, which is also operated by FGC AND CPL. The website offers the same products as 24startrade.
The FMA has also blacklisted Caxton Global an alleged forex and commodity broker. The regulator has flagged this company because it claims to be authorized and regulated in New Zealand. Furthermore, on its websites (www.caxtonglobal-fx.com, www.caxtonmarkets.com, www.caxtontrading.com, and www.caxtonglobal-fx.net) they mention a Financial Service Provider number. The watchdog warns that this number is being used by the broker without authorization and it is not legitimate.