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FMA warns investors against binary options brokerage option giants

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The Financial Markets Authority (FMA), New Zealand’s financial watchdog has today updated its warning list to include Corporate Enterprises PTY Limited, trading as Option Giants, a binary options broker which offers investors the opportunity to trade in a variety of assets including stocks, commodities, currencies and indices.

The inclusion of Option Giants in the FMA’s warning list follows last month’s addition of Titan Trade, another binary option brokerage that was flagged for advertising its services without a licence.

The firm operates online via two websites http://www.optiongiants.com/ and www.ogmvp.info, the latter of which is inaccessible, and is located at 68 Russell Street, Westport, 7825 New Zealand. Option Giants’ website also lists a UK address at 1 King Street London, UK which cannot be confirmed as legitimate.

According to the FMA’s website, Option Giants is categorised both as an “unregistered business” and a “business to be wary of” as businesses or individuals offering financial products or services in New Zealand must be registered on the Financial Service Providers Register(FSPR) and Option Giants is not.

Paul

The author Paul