Today brought an unfortunate piece of news for the clients of Forex Trend, a retail FX broker with an address in Ukraine and registration in New Zealand. The Financial Markets Authority (FMA), New Zealand’s financial services watchdog, has issued a warning against dealing with the company, as it is on the verge of being liquidated.
The New Zealand director of Forex Trend, Mr Manlai Zhang, has advised the FMA that the company is currently unable to meet its obligations to customers and intends to appoint a liquidator.
The regulator is concerned that in the face of the difficulties experienced, Forex Trend continued to solicit customers via its website fx-trend.com. The FMA reminds that companies are not allowed to offer their services in case they are insolvent.
Forex Trend is a member of Financial Dispute Resolution (FDR), which is an independent dispute resolution scheme. Customers who have a complaint about Forex Trend can contact FDR for help.
Forex Trend is known in Russia and CIS, with many of its customers complaining for not being able to withdraw their money. CRFIN – Russia’s self-regulatory organization for the Forex industry, blacklisted Forex Trend in February 2015. This happened less than a week after Alpari RU required that Forex Trend halts illicit use of the “PAMM Account” trademark.
To view the full text of FMA’s warning, click here.