The Maltese Financial Services Authority (MFSA) today announced a warning on its official website regarding an unlicensed firm called FXTrade Gains. The regulator indicated that the company’s “website is making unauthorized use and reference to the license number, registered address, and other company details of a Maltese licensed company.”
The regulator further reminded traders “not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorized to provide such services by the MFSA or another reputable financial service regulator. Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.”
An investigation by Finance Magnates has revealed that the company purported to be licensed by the MFSA, but was actually copying the registration and licensing details of an authorized firm called ‘NSbroker,’ which operates under the brand NSFX Ltd.
Traders should beware of FXTrade Gains and employ means to check the regulatory status of their brokers periodically by using such means as our Check Your Broker directory and list of authentic international regulators.