The Financial Supervisory Authority (FSA) warns Albanian investors of the website https://www.fxshqip.com which provides advice and information for all financial markets. FXShqip also claims to offer portfolio management.
“We warn all investors that FXShqip is not licensed, registered or recognized by the Financial Supervisory Authority. Based on Law no.9879 dated 21.2.2008 ‘On Securities’, no company can offer or promote services related to investment in securities, such as consulting or portfolio management within the Republic of Alabania, without being licensed, or previously registered by the Authority of Financial Supervision”, the FSA said in a statement.
It also explains that FXShqip through its website does not clearly inform the investor about its connection with the online trading platform offered by the foreign trading company IQOption, with a wide range of products, not suitable for every investor and with high risk, such as Contracts for Difference (CFDs).
The FSA says that the moment you register to open an account to trade through the FXShqip website, you automatically become a customer of the online platform www.iqoption.com.
In these conditions, FXShqip promotes the financial products of this platform by acting as an unknown/unregistered agent by the FSA, according to the statement.
“We also warn you that the brokerage company IQOption, unauthorized to provide products and services in the Republic of Albania, also has an Internet address in Albanian language www.iqoption.al, illegally dedicated to the Albanian investor.
According to the legislation in force, a foreign brokerage company can provide its services in the territory of the Republic of Albania through an agent recognized and registered by AFSA.
The Authority cannot protect the interests of those who invest in entities or platforms not registered, licensed and recognized by the FSA, the statement says.
“You should always verify the identity of the company that is offering the financial products and you should consult the list of licensed entities, which is located in the Register of License section of the official website of the FSA: www.amf.gov.al”, it notes.
“AFSA is cooperating with other law enforcement authorities to stop the activity of unlicensed, unregistered and unknown companies by the Authority”, the FSA concludes.