ASIC Flags Unauthorized Forex Firm HBC Broker

The Australian Securities and Investments Commission (ASIC) has updated its blacklist on Tuesday to include HBC Broker, which is also known as MPG Invest Limited. The financial regulator was alerted to the firm after it made unsolicited calls or sent emails about investing, financial advice, credit or loans.

Headquartered in Armenia (5 Shovroyan St, Yerevan, Armenia), HBC Broker is a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading provider established in 2010. Through its website, www.hbcbroker.com traders can access its online Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term for forex instruments.

The Australian regulator has warned that the broker does not hold a current Australian Financial Services (AFS) license or an Australian Credit license from ASIC to provide financial services in Australia, highlighting that the company could be involved in a scam.

HBC Broker stands for “Honest Brokers Collaboration.” The fact that the firm needs to specify that it’s honest personally raises some red flags. Originally the company was JCF Consult and specialized in offering investment plans, its website states.

Britain’s FCA Previously Blacklisted HBC Broker

ASIC isn’t the first regulator to warn against HBC Broker/MPG Invest Limited. In fact, last year in July, Finance Magnates reported that the Financial Conduct Authority (FCA) warned against the firm. In the warning, it states that the company lacks the proper authorization to be targeting British customers.

The fact that not one - but two - financial watchdogs in separate countries on different sides of the world have flagged this company as suspicious and operating without a license should give consumers pause before commencing any type of relationship with the firm.

In fact, ASIC outright tells traders not to deal with this firm. The FCA, on the other hand, said in its official statement that it strongly advises investors to only deal with financial firms that are authorized, and check the Financial Services Register to ensure they are.

Additional Warnings From ASIC

In addition to HBC Broker, ASIC has also flagged the Dominion Group, Gumpold Christian & Co., Harvest Asset Holdings Ltd, and DMT Limited. According to the separate warnings, all of the abovementioned companies do not hold the proper licenses. Therefore, they are not allowed to provide financial services in Australia. As a result, the regulator warns consumers to avoid dealing with any of the firms.