The Australian Securities and Investments Commission (ASIC) has alerted the public about two possible scam brokers, learn more in our review.
There are four account types: Basic, Advanced, Expert and VIP. With higher accounts you will get higher leverage, lower service fees, market alerts, personal training and bonuses. However, the broker doesn’t say what the minimum deposit is.
Fibonetix is owned and run by a company called Zeus Tech & Trading Group that allegedly is located in Luxembourg. But it probably isn’t.
The main thing is that Fibonetix lacks a license to provide investment services. It is not regulated in Luxembourg nor anywhere else, which makes it an illegal broker.
The ASIC has warned against it saying that this broker is possibly a scam, therefore the regulator advises not to deal with it.
There are five types of real trading accounts: Practitioner, Advanced, Preferred, Selected and Infinite. The minimum deposit starts at 5000 Euros and ends at 100.000 Euros with the highest account.
With higher accounts you get a bigger leverage, a personal financial plan and other alleged benefits.
Selected Markets is operated by company named Halsted Holdings that is based in Saint Vincent and the Grenadines. This indicates that it is a broker that is not regulated.
Indeed, SelectedMarkets has no authorization to provide investment services and the ASIC has said that this broker is a possible scam. This is why the Australian regulator advises not trade with it.
Fibonetix and Selected Markets are two unregulated brokers that the Australian regulator ASIC has warned against and labeled them as possible scams.
For trading we recommend using only regulated brokers that have a valid license for the country you are living in.