The Malta Financial Services Authority (“MFSA”) has become aware of an entity operating under the names of Paramount FX Trade or PFXT Ltd which has an internet presence at https://paramountfxtrade.com/. The entity claims to be “a regulated broker by the MFSA over 7 years” and “a market maker for CFD and Spot FX Contracts”.
This website is making unauthorised use and reference to the registered address and other company details of a Maltese licensed company.
The MFSA wishes to alert the public, in Malta and abroad, that Paramount FX Trade or PFXT Ltd are NOT Maltese registered Companies NOR licenced or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licenced or otherwise authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entities.
The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator. Investors are advised to be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.
A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/.
If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.