The Malta Financial Services Authority has warned that 86FXTRADE and P240 Ltd are not Maltese registered companies and do not hold a license or are otherwise authorised by the MFSA to provide any investment services or other financial services required to be licensed or otherwise authorised under Maltese law.

The authority said the entities have an internet presence here.

They purport to be “authorized and regulated by MFSA as a MiFID firm and holds a Category 3 Investment Services License”, making unauthorised use and reference to company details of a Maltese licensed company.

The MFSA said the public should refrain from entering into any transactions or otherwise dealing with them on any matters falling within the parameters of the Investment Services Act of the Laws of Malta.

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 service regulator.

Investors are advised to be extra cautious when being 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 here.

Victims of a scam or people who think they might be dealing with an unauthorised entity or any other type of financial scam should stop all transactions with the company and contact the MFSA here as soon as suspicion arises.