Forex FS Group is Not Authorised Despite Claims, FMA Warns

The Financial Markets Authority (FMA), the New Zealand government agency responsible for financial regulation, has flagged yet another entity in the foreign exchange (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) space that it claims is suspicious this Friday.

Specifically, the New Zealand regulator has called out FFS Markets Limited and the associated trading name Forex FS Group for suspicious activity. Namely, the entity has been claiming that it is licensed or registered in the country, which it is not.

Forex FS Group has Withheld Client Funds, FMA Cautions

Furthermore, the FMA highlighted that it has received a report from a New Zealand resident that FFS Markets Limited has been withholding their funds. This coupled with the false authorization claims have led to today’s warning.

Taking a look at the company’s website, https://www.forexfs.cn/, it states that it is an Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term provider of FX and contract-for-difference (CFD) products. At the bottom of its site, it claims that FFS Holdings Ltd. has multinational authority supervision and that its New Zealand companies hold New Zealand financial services FSP license.

“Forex Financial Services Pacific Ltd breaks the regional limits of global investment and services with a pioneering attitude, providing investors with hundreds of foreign exchange and other financial derivatives to meet the diverse market needs of different countries and regions. Products, mainly including foreign exchange, precious metals, energy and CFD products,” the company states on its website.

Because of today’s warning, residents of New Zealand should be wary of trading with FFS Markets Limited or Forex FS Group. If you are ever unsure if you have been contacted by a financial scam or are considering investing your money in an online trading provider, it is always a good idea to first check the warning list of your local regulator, or reach out to them to check the authenticity of the firm.