ASIC warns consumers about First Forex, FiFx and FiFx Global

The Australian Securities and Investments Commission (ASIC) has today issued a warning to potential investors, advising consumers to be wary of a fake website promoting foreign exchange broker First Forex.

First Forex and related entities Fifx and FiFX Global promote their services at and falsely claim that their services are ‘under the regulation of Australia (Regulation No. 290600)’.

ASIC Commissioner Greg Tanzer said neither First Forex, FiFx or FiFX Global are registered Australian companies, nor are their services regulated as a financial services business under Australian law.

“The website, appears to be operated overseas and refers to an Australian company that is in no way associated with First Forex” Mr Tanzer said.

“The best way for consumers to protect themselves from scams is to only deal with financial services providers who are licensed by ASIC. Licensed companies and individuals are required to meet stringent requirements under Australian law, the purpose of which is to protect consumers.”

The full announcement can be read here.

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