MFSA Warns about Alpha Capital Markets Clone, Unauthorized in Malta

Malta’s financial markets watchdog, the Malta Financial Services Authority (MFSA), today issued a warning against 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 tradi 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 tradi Read this Term broker Alpha Capital Markets (Alphacmarkets). The firm, operating online as www.alphacmarkets.com, has been flagged by the regulator for falsely stating that it is licensed by the MFSA.

The MFSA has also said that the entity has been misleading the public by using the trade name of a legitimate authorised company by the UK Financial Conduct Authority. The brokerage which is fully licensed and regulated is Alpha Capital Markets UK (www.alphacapitalmarkets.co.uk).

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A brief review of its website revealed that Alphacmarkets purports to operate under stringent regulations to protect its clients. However, the firm, for which no address details are listed, also claims to be licensed by the Malta Financial Services Authority (MFSA) which is not the case.

The MFSA has therefore alerted the public to refrain from undertaking any business or transactions with this entity and to be aware of the increased risk caused by the lack of authorisation required to provide financial services in Malta and the European Union.

Finance Magnates last reported on the activities of the MFSA in March, when it cautioned the public about Global Intergold, another broker that failed to possess the appropriate licence necessary to conduct business in Malta. The latest warning is part of the MFSA’s efforts to clamp down on unauthorised financial activities in the country.