New Zealand’s FMA Blacklists Trading Provider NewSolid

The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, has added a new suspected scam to its ever-growing warning list this Tuesday.

Today, the new entrant is Solid Global Investment Limited, a provider of trading services. According to the financial regulator, the company could be involved in a scam as it is offering its services in New Zealand without holding the proper licenses or authority.

Taking a look at its website, the company, which goes by the name of NewSolid claims to be a trading provider of crude oil, indices, currency pairs, precious metals, Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, and other fields.

Specifically, its website states: “‘Global Vision, World Vision’, NewSolid introduces high-end financial technologies and talents at home and abroad, adopts the world's top investment operation system, and innovates business models, and strives to provide a safe, stable, transparent and efficient one-stop finance for global investors. Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.”

The company operates from its website https://www.newsolid.com and lists its address as 11 Matakana Valley Road Level 2Rd 5 Warkworth, New Zealand. On top of offering trading products, the company also claims to offer trading software, such as mobile apps and MetaTrader 4.

Hong Kong Regulator Flags NewSolid

According to the statement, the FMA is not the first financial watchdog to warn about NewSolid, with the New Zealand regulator referencing a warning from the Securities and Futures Commission of Hong Kong published earlier.

The FMA also highlights that Solid Global Investment Limited is in no way related to or authorized by Digital Asset Coin Exchange NZ, a New Zealand company which previously went by the name of Solid Global Investment Limited.

In New Zealand, the FMA is constantly updating its warning list to warn residents of suspected financial scams. Because NewSolid has made its way to the list, it is best to avoid dealing with this firm, as well as any other firms flagged by the regulator.