MFSA warns of offshore FX broker Fxfinancepro
Malta’s financial regulator MFSA has issued a warning regarding unlicensed offshore Retail FX broker Fxfinancepro.
The MFSA stated that it has become aware of an entity operating under the name of Fxfinancepro which has an internet presence at fxfinancepro.com. The entity purports to be an “online Forex broker with many years of experience in the market” and a “financial stockbroker” that offers a wide selection of investment products such as Forex, Metals, Indexes, Energies, Stocks, ETFs and Cryptocurrencies.
The MFSA wishes to alert the public, in Malta and abroad, that Fxfinancepro is NOT a Maltese registered company NOR licensed or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licensed or otherwise authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
The MFSA noted that it would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services 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.
Most of the MFSA’s recent similar warnings have been for brokers that are falsely showing an MFSA license, or that are claiming to be domiciled in the EU member island nation. However in this case it isn’t claiming that Fxfinancepro is doing so.