The website of retail Forex broker Forex Trend (https://fx-trend.com) went down this morning, less than a week after corporate director Manlai Zhang had confirmed to the Financial Markets Authority that the company is unable to meet its obligations to customers and plans to appoint a liquidator.
The brokerage, which is still formally a registered financial service provider in New Zealand, has become the focus of regulatory attention after numerous clients in Eastern Europe said they could not withdraw their money from the company. Russia’s self-regulatory Forex body CRFIN blacklisted Forex Trend in February this year after receiving numerous complaints from investors.
Alpari Russia has also voiced its concerns regarding Forex Trend by publishing an open letter in which it officially demanded from the New Zealand company to stop abusing the “PAMM account” trademark.
Earlier in May, New Zealand’s FMA officially warned regarding Forex Trend, saying the company is practically insolvent and that, therefore, it cannot market its services anymore. In the face of the regulatory warning, the website had continued to function up until today.
The latest financial statement that Forex Trend Limited has submitted with New Zealand’s authorities is for the year to March 31, 2014. It shows heavy expenses and negative equity.
Meanwhile, clients of the ill-fated brokerage are advised to seek help from the Financial Dispute Resolution (FDR) service, whose member Forex Trend purported to be.
To view FX Trend’s financial statement for the year to March 31, 2014, click here.