Hong Kong’s Securities and Futures Commission (SFC) has issued a statement cautioning investors about EUROPETRADEFX, which has been offering forex via an online trading platform to the public without being authorised to do so, according to an SFC statement.

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Europetradefx is the latest FX and CFDs broker to be included on the watchdog’s warning list, which comes with a statement on its website warning residents about the increase in solicitations of risky financial products. At this time, no forex trading companies are registered in Hong Kong so these platforms are engaging in illegal activity.

The named broker is operating from the site http://europetradefx.com, and lists its addresses in Hong Kong. However, the SFC said that the unregulated firm is not located in the region although it may be using the details of a legitimate company to confuse investors. The regulator also added that it uses a Hong Kong bank account in the name of Europe Trade Limited for settlement and is apparently associated with ENOI Europe Limited, an unlicensed entity on the SFC’s Alert List.

According to EUROPETRADEFX’s website, the company claims to operate as a global online trading broker specializing in stocks, commodities, CFDs and currencies. It also states that the firm is licensed and regulated with major financial commissions worldwide, including in Malaysia and Saint Vincent and the Grenadines.

The SFC routinely warns about such entities and scams operating in Hong Kong, one of the region’s paramount financial markets.

Presently, the SFC’s comprehensive Alert List features the names of businesses that have come to the attention of the watchdog because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.