The Australian Securities and Investments Commission (ASIC) today issued a warning against Market City International SRL (Market City International), trading as BROKERS500 through the website www.brokers500.com.
BROKERS500 presents itself as a leading online trading broker specialising in stocks, commodities, CFDs and currencies.
The website claims (see image below) that Market City International holds an Australian financial services licence (License No. V0046651). The Australian regulator notes that these statements are false and misleading, as “Market City” is a registered business name of the Perth Market Authority, an agency of Western Australia. The number V0046651 corresponds to that business name. The Perth Market Authority has no connection with Market City International.
ASIC is concerned that potential investors are likely to suffer losses as a result of being misled regarding the regulatory status of Market City International.
The regulator has made numerous unsuccessful attempts to contact Market City International and that is why it issued the warning.
For the full text of ASIC’s warning, click here.