New Zealand is a scam haven for FX - Avoid!
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Thread: New Zealand is a scam haven for FX - Avoid!

  1. #1
    I'd give the strongest warning possible to some FX trader thinking of a new broker.

    Avoid like the plague any broker with regiion in New Zealand.
    Second, avoid Capital Trust Markets!

    From both personal experience and the posted experience of scammed traders on Forex Peace Army site, it's apparent that New Zealand authorities regularly turn a blind eye to criminal fraud by FX brokers. An Fx broker indited and shut down, ForexTrend, was based in New Zealand. Currently the broker Capital Trust Markets will soon be on the receiving end of a class action suit by customers that cannot withdraw any funds from their accounts. The director name deleted by employees as a result of legal threats doesn't respond to some form of communiing and on May 18 de-registered the CTM firm from New Zealand business directory and disappeared.

    Whats even more amazing is that the Capital Trust Markets website is still working and seems to still take new customers and their money!!!!!!
    It's a new regiion in the united kingdom and using a new Pakistani director recorded. In response to a question sent to the New Zealand government agency responsible for fiscal oversight (FMA/FRPS), they said that CTM was no longer enrolled together so there was no lawful arbitrator!!! Outrageous and It seems that a life of crime does pay in New Zealand.

    A lot of the CTM clients have files complaints with their respective authorities agencies and anti-fraud units in Canada, UK and NZ. Hopefully the growing legal suit will track down and prosecute title deleted by employees as a result of legal threats and make people that New Zealand is the Pirate Bay of FX trading. Avoid CTM and prevent New Zealand !!

    If any trader customers of Capital Trust Markets see this thread, then please place your comments and experiences. Please please see the thread Forex Peace Army that is organizing the class action suit against CTM and the criminal title deleted by staff as a result of legal threats .

  2. #2
    Quote Originally Posted by ;
    I'd provide the strongest warning possible to some FX trader thinking of a new broker. Avoid like the broker with regiion in New Zealand. Avoid Capital Trust Markets! From the personal experience and the posted experience of cheated traders on Forex Peace Army website, it is apparent the New Zealand authorities turn a blind eye to criminal fraud by FX brokers. An Fx broker indited and shut down, ForexTrend, was established in New Zealand. Currently the broker Capital Trust Markets will soon be on the receiving...
    Hmmmm New Zealand seems to be the new Cyprus! But on heavens gate do traders open accounts with sounding and relatively unknown brokers like CTM?????

  3. #3

  4. #4
    State it makes you wonder if there brother / sister Australia will perform exactly the same

  5. #5
    Quote Originally Posted by ;
    quote Hmmmm New Zealand seems like the new Cyprus! But on gate do traders open accounts with funny looking and relatively unknown brokers such as CTM?????
    I believe New Zealand is just inexperienced and insufficient in dealing with this new surge of scam brokers beneath the guise of Currency Market trading. New Zealand is a relatively small resource market country that specializes in in agricultural goods and mineral resources. Financial is really not their forte. But with the influx of Currency Market trading using new technologies and many times complex capital structure now spanning across the globe and unconventional trading practices to the country using New Zealand's favourable standing as a country perhaps, I believe New Zealand's overseeing regulatory body is merely overwhelmed and ill-equipped to manage all those scam brokers. They've no processes, protocols, processes that are investigative and all, enforcement and disciplinary proceeding to investigate and prosecute these scammers when they have been exposed.

    And that's unfortunate and troubling for New Zealand and for us traders alike and many times unjust to New Zealand that's a country that is otherwise known to possess audio judiciary system.

  6. #6
    Quote Originally Posted by ;
    I'd give the strongest warning possible to some FX trader considering a new broker. Avoid like the plague any broker with enrollment in New Zealand. Avoid Capital Trust Markets! From the personal experience ...
    I would not blame NZ, the whole world is littered with current and past sc when it comes to investments. The regulators in NZ and OZ are going through all brokers and kicking out ones that do operate in NZ.

    Https://fma.govt.nz/news/warnings-an...ma-warnings/#A

    https://www.fma.govt.nz/news/media-r...il-to-respond/


    But how anyone in their right mind could deem CTM a fantastic counterparty in the first place is beyond me!
    Still I guess that there will always be a stream on punters who only look at price and not substance and that's what scammers count on if they are from Canada (like in CTM's case) or anywhere else in the world.

    Do your due diligence (how long have they been in business?) , walk into their office, fulfill them get a sense of if your funds are safe there.

  7. #7
    Finally, the day has arrived when Reza F**ing Mokhtarian, burglar CEO of NEW ZEALAND registered Capital Trust Markets (what a company title, Jeeez!) Has stood in front of a judge in Toronto, Canada charged by the Ontario Securities Commission. (Not a civil trial case!) . Apparently New Zealand could not care less about the victims, therefore Canada had to step in... Why Canada...? Since it was Canada who gave home to this Iranian refugee...

    He was arrogantly and blatantly messaging in his https://youtu.be/PAzgwug2jKo to his victims (see from timestamp 15:00) they were so dumb they could not even steal from other people... Adding (quoting): Great for ME! While driving to the bank with the stolen funds (as stated by this ba**rd).

    I personally hope that we - the SOCIETY - may show him even though we are dumb to steal from other people, but we're potent enough to provide him some time to consider it in a prison cell for a couple of years.

    Even if I don't see my stolen money again, I hope the judge will be on the victims' side and give him the maximum sentence: 4 decades and 364 days in a high security facility.

    And which is REALLY-REALLY GOOD FOR HIM! (Especially when he'll shed his soap in the shower...)


  8. #8
    I live in New Zealand and yes, to a level, the FX brokers here generally unregulated. From what I hear NZ authorities have started to clamp down on corrupt/ bucket store fx brokers. You will find quite a number of them in NZ, but do not think for too long though.

    Those whom I know that have a very good reputation are OMF.co.nz, but the minimum deposit is $10 000, PFD.co.nz seem okay, FXPIG, and Halifaxonline. These are the only ones that I am aware of where your money is secure in NZ!

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