Forex Trend Ltd, the broker that lost its registration in New Zealand amid numerous complaints from clients unable to withdraw their money, is obviously reluctant to go away from the Forex stage.
On the first day of July the website of Forex Trend re-emerged with an announcement (so far only in Russian), asking clients to submit applications to move their funds to a new entity – FT2 (obviously standing for Forex Trend 2).
The perseverance of the broker raises eyebrows, given that it has quite a negative reputation in Eastern Europe and Russia, as well as in New Zealand, where the Financial Markets Authority (FMA) first published a warning against Forex Trend and then took action to remove it from the list of Financial Service Providers (FSP).
In Russia, Forex self-regulatory organization CRFIN blacklisted the broker, whereas Alpari addressed the company demanding it to stop abusing the “PAMM account” trademark.
The “rebirth” methodology that Forex Trend is worsening further its image, as such an approach is common for financial pyramids.
Meanwhile, it turned out that Ukrainian clients of Forex Trend have been quite active in complaining about the brokerage’s activities. Their complaints accounted for 60% of all complaints New Zealand’s Financial Dispute Resolution (FDR) scheme has gotten over the past 11 months.
The announcement on Forex Trend’s website. (So far, no English version is available. Translation credit: Google Translate).