The Financial Markets Authority (FMA) of New Zealand has published a new warning on its website this Monday, this time flagging Forex Insiders, as the regulator is concerned it may be operating a scam.
In particular, the Kiwi regulator has called out Forex Insiders also known as Forex Insiders Trading, Trading Insiders and Success Factory, and has specifically provided the following URL and Facebook page as the offending parties – https://tradinginsiders.eu/ and https://www.facebook.com/ForexInsidersTrading/.
“We are concerned that Forex Insiders, website https://tradinginsiders.eu/ and Facebook https://www.facebook.com/ForexInsidersTrading/ may be operating a scam. It appears to be offering unrealistically high and guaranteed returns,” the FMA said on its website today.
Furthermore, the New Zealand watchdog has said today that Forex Insiders is not a registered financial service provider and is, therefore, not authorised to offer financial services and products to New Zealand residents.
FMA urges consumers to exercise caution
Because of this, the regulator asks consumers to “exercise caution” when dealing with this entity. The authority also goes on to point out that foreign exchange (forex) trading, in general, is high risk and that consumers often reach out to the FMA with complaints about losing money in online FX trading.
Via its website, Forex Insider claims to be associated with three brokers FXChoice, Admiral Markets and IC Markets. The company also claims to offer forex trading services as well as educational services for clients to learn about the markets.
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The regulator provides the following details as belonging to Forex Insiders:
ENTITY NAME: Forex Insiders also known as Forex Insiders Trading, Trading Insiders and Success Factory
Scams increase amid COVID-19
Across the pond in Australia, the Australian Securities and Investments Commission (ASIC) announced that it had seen an uptick in the number of investment scam reports from consumers and investors within Australia during the coronavirus pandemic.
In particular, the Australian regulator said that the number of reports of misconduct it has received from March to May this year has increased by 20 per cent when measured against the same period of the previous year.