FX Trading is an Australian broker registered under the name Gleneagle Markets Pty Ltd. With offices in Australia and New Zealand; FX Trading was initially founded in 1996 by Jan Davidsen, who has 20 years of experience in the international financial markets and known as a specialist trading firm.
In October 2005, FX Trading acquired its first office in New York City.
In 2006, FX Trading launched FXO and FXCOIN, two derivative trading platforms that specialise in options and spot FX trades.
The question that comes into our mind is whether it is safe to trade with FX Trading when the companies that supply them with a database of client’s information violate the laws of Australia and Canada? FX Trading has an agreement with UK based company InfoTrack Ltd to develop a predictive model to predict future client behaviour. Even after confirming Australia’s authorities, they comply with the laws; the company failed to file a required report to obtain a license from the Australian regulators. According to Investopedia, “The regulator has pointed to a series of failures by InfoTrack and FX Trading to inform the regulator of possible problems. The issue concerning the proposed predictive model was raised with the company on multiple occasions, including twice in December. Yet, the parties did not act upon the concerns raised by the regulator”.
These reports are deeply concerning since they lack proper regulatory oversight by Australian government agencies, data management issues, and weak internal controls.
Under the ATO regulations, the companies offering to carry out computer data analysis or other financial services must register with the ATO and demonstrate compliance with its rules. InfoTrack and FX Trading are already in breach of ATO regulations.
When are the regulators finding these types of practices performed in Australia, how safe are we that our financial data is secure?
This topic should be one of the top priorities of any government agency. Given the severity of the situation, their inaction can be termed as irresponsible.
However, people are well accustomed to this company’s working and have been using this to trade in the market. Yes, the company offered very good prices and at the same time, ensured secure and safe for investors and end-users. The company has been offering very good deals to their end-users, which has been why people have preferred to trade with this company brokers.
Whether you want to trust this company depends on your past experiences and your proper research. Do your homework carefully; you will certainly get good results. The company has pros and cons. If you think you can handle some of its demerits, then it is good. At last, the decision is entirely in your hands. Read this review carefully to get to your conclusion!