The Malta Financial Services Authority said on Wednesday MarketsFX is not a Maltese registered company, licensed or otherwise authorised by it to provide the service of an exchange or other financial services required to be licensed or otherwise authorised under Maltese law.

In a statement, the authority said MarketsFX which claimed to be a “financial services provider, offering a selection of more than 1,000 financial assets, such as currency pairs, stocks, commodities, indices and to traders from all around the globe,” has an internet presence at https://marketsfx.it/ and https://marketsfx.com/.

The authority said that it had information, including a warning issued by the Italian Regulator CONSOB dated October 14, 2019, that MarketsFX is likely to be a scheme of dubious nature with a high risk of loss of money. The public should, therefore, refrain from undertaking any business or transactions with it.

It reminded consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

Investors should also be extra cautious when approached with offers of financial services through unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/. 

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.