The Belgium Financial Services and Markets Authority (FSMA) has issued a warning to the public against the activities of ForexTrada, a company that offers investment services under forextrada.com, according to the latest press release from the regulator’s website.
According to the public warning from FSMA, it was noted that ForexTrada is not an authorized investment firm or a credit institution in Belgium, and how it is therefore not allowed to provide investment services in or from Belgium.
Based on this, the FSMA strongly advises against responding to any offers of financial services made by ForexTrada and against transferring money to any account number it might mention, described in the press release aimed at Belgium residents and investors within its jurisdiction. FSMA collaborates with the country’s central bank – the National Bank of Belgium in a twin-peak style regulatory strucutre.
The firm was also listed in a similar warning issued in December concerning Forex companies by France’s AMF regulatory body, the Autorité des Marchés Financiers, which included 23 Forex websites, as reported by Forex Magnates previously.
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According to information listed on the ForexTrada.com website, its services are described as not directed or available to customers in Iran, Iraq, Israel, North Korea, Syria, United Kingdom and United States, as can be seen around time of publication.
There is also a Belgium telephone number listed on its website, under the contact us section, as seen during time of publication by Forex Magnates’ reporters. It’s not clear whether this information on its website will be subsequently updated – with regards to Belgium – following the warning from FSMA. An attempted call to ForexTrada via its Belgium phone number was unanswered after a brief hold, and then went to voicemail.
The company lists MT4 and the SIRIX Platforms as part of its offering. It’s not clear whether the firm has any approved regulatory status, as this could not be easily confirmed from information on its website, in the opinion of Forex Magnates’ research team.