The Austrian Financial Market Authority (FMA) has released a warning regarding International Financial Trade (IF Trade) for illegally running its operation in the country. As as the case in other countries, a broker must have a license issued by the FMA in order to advertise and recruit clients in Austria, which IF Trade has not been granted.
Following the Austrian law regarding financial services, those provided online included, IF Trade is forbidden from approaching clients and offering its services to them without the required license. IF Trade is further not allowed to offer commercial investment oriented advice, accept or transfer orders of a commercial nature, which include financial instruments.
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According to the warning, the address of IF Trade’s headquarters is 3 Paternoster Square, London, UK. When attempting to look at the company’s website we found that it would not download. IF Trade may have shut it down for specific countries to deter personae non gratae clients, or it may have closed it completely. The reason currently remains unknown.
Recently, Finance Magnates reported that the FMA is taking more defense related measures to battle against forex and CFD trading operations, one of them being the Investor Warning Instrument. The success of this method correlates with 2016’s decreased statistics regarding investigations and legal actions against unregistered companies compared with the previous year.
In addition, Finance Magnates covered the warning issued by the FMA against Werner Stocker, a firm that offers investment products and services. The company has been running financial activities without the license required to operate in Austria.