The New Zealand Financial Service Providers Register (FSPR) has deregistered the firm CTM GROUP LIMITED operating the Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term brokerage Capital Trust Markets as of today, May 15, 2015. The FSPR is part of the New Zealand government under the Ministry of Business, Innovation and Employment.
Traders turned to the FSPR saying that CTM had ignored client requests for money withdrawals for the last several months, and within the last week their members' page with account details was replaced with a white page and "Upgrade in Progress" message. This event seems to suggest that the FSPR does not intend to act against a firm whose clients raise complaints rather simply washing its hands of it.
According to documents seen by Finance Magnates, the clients were simply sent to seek help outside the regulatory system. The government response said: "CTM used to be registered on the Financial Service Providers Register (FSPR) which is overseen by the Companies Office however they have been deregistered from that and therefore no longer part of a disputes resolution scheme. You will need to seek legal advice about what other action is available to you."
If this is the way the FSPR handles complaints, clients can question the whole reliability of trading with New Zealand registered firms, as when they need the help of the authorities they are turned away to a potentially costly legal battle. Finance Magnates posed a similar question to the New Zealand’s Financial Markets Authority (FMA) in the recent case of Insolvent Broker Forex Trend, and will update when the regulator responds as promised.
On its website, Capital Trust Markets still writes that it is "registered with the New Zealand business registrar (Registration Number: 4623222) and is regulated by the FSPR of New Zealand (Registration Number: FSP339386) and is also a member of The Insurance & Savings Ombudsman Scheme Inc."
The New Zealand Financial Service Providers Register (FSPR) has deregistered the firm CTM GROUP LIMITED operating the Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term brokerage Capital Trust Markets as of today, May 15, 2015. The FSPR is part of the New Zealand government under the Ministry of Business, Innovation and Employment.
Traders turned to the FSPR saying that CTM had ignored client requests for money withdrawals for the last several months, and within the last week their members' page with account details was replaced with a white page and "Upgrade in Progress" message. This event seems to suggest that the FSPR does not intend to act against a firm whose clients raise complaints rather simply washing its hands of it.
According to documents seen by Finance Magnates, the clients were simply sent to seek help outside the regulatory system. The government response said: "CTM used to be registered on the Financial Service Providers Register (FSPR) which is overseen by the Companies Office however they have been deregistered from that and therefore no longer part of a disputes resolution scheme. You will need to seek legal advice about what other action is available to you."
If this is the way the FSPR handles complaints, clients can question the whole reliability of trading with New Zealand registered firms, as when they need the help of the authorities they are turned away to a potentially costly legal battle. Finance Magnates posed a similar question to the New Zealand’s Financial Markets Authority (FMA) in the recent case of Insolvent Broker Forex Trend, and will update when the regulator responds as promised.
On its website, Capital Trust Markets still writes that it is "registered with the New Zealand business registrar (Registration Number: 4623222) and is regulated by the FSPR of New Zealand (Registration Number: FSP339386) and is also a member of The Insurance & Savings Ombudsman Scheme Inc."
