ASIC issues warning about unlicensed FX dealer YoutradeFX 

ASIC has today cautioned Australian investors against dealing with the company or group YoutradeFX for trading in margin foreign exchange (FX).

ASIC advises that YoutradeFX is not regulated by ASIC, nor is it licensed to trade in margin FX in Australia, as has been stated by several websites that review and comment upon FX trading.

The company previously known as Youtrade Capital Markets Australia Pty Ltd is now known as Golden Sky Australia Pty Ltd and holds an Australian financial services (AFS) licence. The company was previously associated with the YoutradeFX group, however, since July 2014 and following inquiries by ASIC, it has not:

• been part of the YoutradeFX group
• provided FX trading or contracts for difference (CFDs), or
• operated under the name Youtrade Capital Markets Australia Pty Ltd.

ASIC has issued this advice to ensure that investors do not unwittingly invest with YoutradeFX in the mistaken belief they are dealing with a licensed entity and are afforded certain protections that exist under the Corporations Act 2001.

ASIC urges all investors considering trading in margin FX and other financial products to check they are dealing with an entity that is licensed in Australia, or authorised through an AFS holder and regulated by ASIC. This can be done by searching the Professional registers on our website.

Investors located outside Australia should ensure the company they are dealing with is licensed to provide services in that jurisdiction with the local regulator. Links to the websites of international regulators that are members of the International Organization of Securities Regulators (IOSCO) are available on the IOSCO website.

 

Source: ASIC – ASIC issues warning about unlicensed FX dealer YoutradeFX

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