New Zealand FMA Slams Unregulated Broker TradeFintech

This Tuesday, across seas, oceans, mountains and Polynesian islands, New Zealand's financial regulator, the Financial Market Authority (FMA), announced that it believes TradeFintech is operating a scam.

You've probably never heard of TradeFintech, and that's a good thing.

A quick look over their less than reputable website indicates that the regulator from the land of the Lord of the Rings is probably correct in thinking the company is a scam.

For one thing, they don't even bother to list an address or to say where they are from. If you are going to scam people, says this author, at least pretend you are operating out of Vanuatu, the Marshall Islands or some other backwater.

The firm also looks like it makes withdrawing cash from the brokerage almost impossible. For instance, to withdraw cash from your account, the company says that you have to submit a request for a form, print out the form, fill out the form, send the form to the company's 'Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term officer,' and then wait for approval.

The never-ending scam

As it isn't based anywhere, you can probably tell that TradeFintech has no regulatory license.

There are various reviews across the internet which indicate that the firm is, as you would expect, taking people's money and then refusing to give it back once they have managed to siphon it off into their own pockets.

Depressingly or amusingly, I'm not sure which one it is, most of the reviews of the site are themselves written by scammers trying to act as 'recovery experts' who can 'help' people, who have been duped by the broker, get their cash back.

It is, as the great Chinese philosopher Lao Yang once said, all so tiresome. These brokers are like some deadbeat reality TV star whose career you think is finally over, only for them to pop up in some new and annoying format a second later.

Will it ever end? Alas, probably not. But warnings like the FMA's might help take us in that direction.