A press release by the Maltese Financial Services Authority (MFSA) outlines that an unknown entity operating under the names FrontierForex, Frontiers Group Global Investment and Frontiers Group Investment Ltd claims that it is regulated in compliance with Maltese Law. In fact, as soon as Forex Magnates got to the website of the perpetrator (frontierforex.com), it became clear that the entity claims to be regulated under virtually all European Regulators.
With the claim that its chief regulator is the Cyprus Securities and Exchange Commission (CySEC ), what follows is a long list of European regulatory agencies. Technically, if the company was indeed holding a license under CySEC it would qualify to operate across Europe under MiFID. However, alarm bells have been ringing right from the start as the website doesn’t state the number of the license it holds. After consulting with CySEC’s register, Forex Magnates has confirmed that there is no entity that complies with the Cypriot regulator under the name Frontiers Group Investment Ltd or any of its affiliated parties.
This is not where it ends – even the chat support that pops up in regular intervals while one is visiting the website is not really functional. There is no listed number for customer support – only an online form that requires a phone number and a physical address in order to contact representatives of the entity.
The only section of the website that might be functioning properly is the Open Account (rest assured, we haven’t tried to deposit, and we certainly don’t recommend it). A full set of social media accounts links to the website, with the Twitter account actively spamming, whilst the Facebook page seems to be defunct since September.
To conclude with the matter, we can clearly state that FrontierForex seems to be a dodgy outfit that was designed to scam customers out of their money by offering a 100% sign-up bonus. The MFSA, nor any other European regulator for that matter are supervising its operations.
