The Financial Markets Authority (FMA) of Austria today warned investors against being offered products and services from iforex24 Ltd, according to a recent regulatory statement.
The financial watchdog today updated its warning list by blacklisting the firm which offers several financial services to both individuals and businesses. iforex24, which is allegedly based in Marshall Islands, operates from the site www.iforex24.com and facilitates trading in forex, commodities, stocks and binary options, among other asset classes.
Our check of the broker reveals that it doesn’t provide any regulatory information or claim a specific legal status.
$100,000 Battle: PrimeXBT Debuts New Contests ModuleGo to article >>
Based on this, the FMA warns the public not to invest in iforex24, and to be cautious of dealing with its solicitations. The company is not registered as a legitimate provider in Austria and is therefore not allowed to offer financial services in the country.
The FMA is focused on identifying and blacklisting any individual or entity that is operating in Austria without a license or authorization where that is required by law. However, the FMA has warned that some companies are overseas operations and the watchdog may only be alerted to them once a local investor has a problem with them.
The FMA uses investor warnings to inform the public about fraudulent operations, unauthorized service providers, and possible scams. The system is not unlike measures deployed in other jurisdictions, such as routine warnings from the UK’s Financial Conduct Authority (FCA), or Belgium’s FSMA. The recent data supports this measure as an effective counter against scams, with the public being more informed overall and properly warned against unauthorized service providers preying on market participants.