AceForex to be out of FSPR registration in NZ, the popular broker with “no regulation”

June 22, 2016

Does "regulated" mean something to you? Let's see how it is important.

AceForex to be out of FSPR registration in NZ, the popular broker with “no regulation”

AceForex, New Zealand based online Forex & CFD broker is no longer regulated or registered by any financial authorities since 17th of February, 2016 according to the FSPR(Financial Service Providers Register) official website.

You can find the official details from the page here. (the direct link to FSPR official website)

If you open up the link, you will see as the company itself is “Deregistered” on 17th of February in 2016.

aceforex ltd reregistered fspr

So what is this “FSPR”?

Please do not mistake this situation as “AceForex” being unregulated, because the broker was never be regulated by any regulatory authorities.

Although the broker has registered its company to FSPR, but this does not mean that the company is audited or monitored by the government authority.

So why does this FSPR exists for?

FSPR stands for Financial Service Providers Register, and yes just like you have already imagined, it is just an online registration for financial companies in NZ.

All companies in NZ which provide financial services, must register for this FSPR to let people know the general information of the companies, as in their directors, office address, service guide etc.

But for these years, thousands of companies have registered even they are really not located in NZ nor even providing any services.

It is because the registration step is quite easy for everyone and it only costs about $400 to be registered. All you need is a virtual office address, some name of a person lives in NZ and a company itself.

But FSPR isn’t that fool. The entity is de-registrating more than 100 companies from the list every month, by officially assessing each business company.

And AceForex, or “Ace Prime Limited”, “Ace Forex limited” had been already deregistered from FSPR on February 2016.

What does this “Deregistration” means?

There must have been a reason why “AceForex” is no longer registered with FSPR though, there is no further details nor official announcement from AceForex.

Also if you try to go to the “Regulation and License” page in the AceForex Official Website, the link is no longer functional.

The possible reasons of this “Deregistrtion” are:

  • AceForex is not (after 3 months), or is no longer, in the business of providing a financial service in NZ
  • AceForex has been registered because of a false or misleading representation or omission
  • AceForex has paid an application fee, annual confirmation fee, or dispute resolution levy, that has been dishonoured, declined, or reversed
  • AceForex has not filed its annual confirmation

How does this affect the traders?

Most likely nothing to be changed by this “De-registration”.

Already passed a few months after the FSPR’s announcement though, AceForex continues to actively provide financial services.

Because of their very human support team and tight spread on MT4, the broker is acquiring popularity for these years.

After all these troubles created by “regulated” brokers, many traders might have realized that it is important to see through the business style of the broker, but not just some empty “license”.

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