New Zealand’s FMA Blacklists Two Unlicensed Brokers

The Financial Markets Authority (FMA) has issued two warnings on its website on Friday. The announcements concern two 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 brokers FSMSmart and Baihua Global.

FSMSmart

According to the warning concerning FSMSmart, the broker claims to be a registered financial service provider in New Zealand when, in fact, they are not. The watchdog warns that the company is making unsolicited calls to residents, offering their services to allow individuals to trade forex and derivatives through its website.

On its website, FSM Smart claims: “FSMSmart serves as one of the longest standing and pioneering Forex brokers in the world.” Through its platform customers can allegedly trade forex, metals, derivatives, and spreads. Clients can do this via its MetaTrader 4 and various online and mobile platforms.

The broker claims it is operated by FMS Smart LIMITED and its address is Hertensteinstrasse 51 Lucerne, Luzen 6004, Switzerland. The company operates from www.fsmsmart.com.

Baihua Global

The second warning goes to Baihua Global. According to the statement, the broker is misleadingly using the registration details of Booster Funds Management Limited (FSP555786). Booster Funds Management Limited is a licensed fund manager in New Zealand. However, the regulator cautions that it has no connection with Baihua Global.

As a result, Baihua Global is not a registered financial service provider in New Zealand. The watchdog also states that the broker could be involved in a scam.

According to its website, Baihua Global is a: “financial services organization specializing in financial and financial derivatives such as online foreign exchange, precious metals, energy and CFD index CFDs. We provide global traders with a top foreign exchange Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term provider. Foreign exchange market.”

The broker says its address is Level 5, 13-27 Manners Street, Te Aro, Wellington, 6011, New Zealand and operates via its website www.bfmfx.com.

The FMA urges caution when dealing with FMSSmart or Baihua Global.