|

News

    Homepage   >     Original    >     Main body

    ACH that Claims to Hold “FSP License” is Unregulated

    Abstract:Regulatory information shows that New Zealand forex broker ACH is located at Suite 1 Level 2, 20 Northcroft Street Takapuna Auckland, and WikiFX survey team recently visited ACH at the place.
    900-510-英.jpg

      Broker: ACH (New Zealand)

      Visited on: October 18th, 2019

      Conclusion: broker‘s office doesn’t exist at the regulatory address

      On-the-spot investigation

      Regulatory information shows that New Zealand forex broker ACH is located at Suite 1 Level 2, 20 Northcroft Street Takapuna Auckland, and WikiFX survey team recently visited ACH at the place.

      Following the map‘s direction, WikiFX team soon found the office building in a small business district on the north shore of Auckland. We entered the 2-storey building, but didn’t find the name of ACH on the directory sign in the first-floor lobby. After coming to the second floor, we still didnt find the office of ACH. We asked the staff in the nearby office about ACH and was told that they had no idea about this company. Thus we confirm through the visit that the office of the New Zealand broker ACH does not exist at the alleged location.

    1-1.jpg
    1-2.jpg

      Survey analysis

      As the country that starts trading earliest everyday on the global market, New Zealand enjoys a significant status on the forex market. In recent years, more and more brokers have chosen to register in New Zealand. However, prudent investors may notice that brokers registered in New Zealand will usually mention 2 different types of regulatory licenses, FSP and FMA, and may wonder about the difference between them.

      FSP is abbreviation for “Financial Service Providers”, and New Zealand‘s legislation requires all individuals and organizations that provide financial services in the country to have FSP registration. Meanwhile, any compliant foreign exchange broker under New Zealand’s regulation must obtain FMA (Financial Markets Authority)s license for derivative provider, in order to operate on derivatives market. Therefore, a broker with an FSP registration number cannot be considered to be fully compliant; only those who also hold an FMA license are qualified for providing forex-related products and services.

      Obviously, ACH is taking advantage of investors knowledge blind-spot about New Zealand regulation. The broker might have an FSP's registration as it claims, but without a proper FMA license, it is nevertheless unqualified for forex business operations.

    2.png

      Conclusion

      According to WikiFX App, ACH has no valid regulation at the moment and even its FSP registration had already expired. WikiFX has marked ACH as an illegal broker to warn investors against it.

    3(英文).jpg

    Latest News

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Convertible Amount
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.

    ×

    Select Country/Area