The Japanese Ministry of Finance (MoF) has issued two warnings against binary options and forex trading brokerages, one of them being HotForex and the other M Carlo Capital Limited.
M Carlo Capital, which also identifies as Monte Carlo Binary, and HotForex, AKA HF Markets, have been operating in Japan without receiving authorization from the local financial authority. The MoF states that the two online trading companies claim offices at addresses in the Seychelles and in Saint Vincent and the Grenadines which closely resemble those of brokerages that it has already flagged.
This could be a coincidence, or another case of brokers changing brand names in order to slip under the radar once again.
Given that the two online trading firms had been operating in Japan, soliciting and providing local clients with financial services without the necessary license, traders are strongly advised against dealing with them. Specifically, signing up with them, giving them personal information such as credit card details, funding an account with them, or accepting their advisory services on finance-related issues.
About two weeks ago, the MoF released a similar warning regarding At.Dear, which is a brokerage offering online stock trading services. This firm had also been operating without a license in Japan, which is a clear violation of local law.