The Securities and Exchange Commission (SEC) has warned the public against engaging with Exness Global Ltd., the Exness Global Trading App, and HF Markets (HFM) for allegedly soliciting investments without the required registration in the Philippines.
In separate advisories, the SEC said both Exness Global and HFM operate online trading platforms that allow users to invest in unregistered products, including contracts for difference (CFDs), without being registered as corporations or licensed dealers in the country.
Exness Global offers access to financial markets such as foreign exchange, cryptocurrencies, stocks, and commodities, mainly through CFDs. HFM also promotes CFD trading across various assets, including forex, commodities, bonds, metals, energies, shares, and indices, claiming to provide advanced technology and high trading standards.
A CFD is a financial product that allows traders to speculate on price movements without owning the underlying asset. The SEC said CFDs are risky and largely unregulated, making investors dependent on the credibility of the platform or broker.
The SEC reminded the public to be cautious when dealing with unregistered online investment platforms. It stressed that, under Philippine law, securities must be registered with the SEC and offered only by corporations or dealers that are properly registered and licensed in the country.
