Maltese alerts on Fast FX Trading and SpecialCFD

Maltese financial regulator Malta Financial Services Authority (MFSA) has issued new warnings about unlicensed brokers. Fast FX Trading and SpecialCFD join the infamous group.

Watch out for these entities!

As stated by MFSA, the first entity to Fast FX Trading, encourages to trade cryptocurrencies without the required permits and licenses. Not only that, it uses the license number and company data belonging to another entity. The scam activity is carried out through the website fastfxtradings.com.

In the case of the second entity, SpecialCFD, the situation is quite similar. New Golden Trade Ltd, to which the SpecialCFD brand is to belong, advertises itself as an intermediary in concluding transactions on Forex market, commodities, futures and CFD instruments. Of course, this entity does not have the right or license to conduct this type of activity.

The website specialcfd.com is still operational, but by itself "commercial offer" is based on the popular MetaTrader 4 platform.

Financial fraud is gaining momentum

The French Financial Markets Authority (AMF) has issued a warning about a growing number of clone entities misusing information about regulated investment firms to lure potential victims.

The regulator informs that it has witnessed many attempts to abuse the names, addresses, logs and license numbers of authorized companies by scams. This phenomenon is gaining momentum all the time.

Last year, French supervision recorded a sharp increase in the number of reports of victims of financial fraud related to the abovementioned abuses. These scams accounted for 44% of the losses reported to the AMF in 2020. The average loss declared by victims of such scams is around 45 000 euro.

The AMF advises investors not to respond to bids without carrying out careful checks to establish the identity of the parties offering them investment services.

Meanwhile British regulator FCA cited the data Fraud Actionwhich revealed that UK consumers reported losses of over £ 78 million between January and December 2020. Throughout 2020, consumers reported an average loss of £ 45 per person, falling victim to financial scams.

We warn against using the services of unlicensed companies. Before opening an account, always make sure it is correct the broker has the appropriate regulations and permits at the indicated financial market supervisory institution.