YEREVAN, July 4. /ARKA/. The Central Bank of Armenia recommends that citizens avoid using the services provided by the Financial Trading House (FTH) company in partnership with the Swissquote bank, Harut Kbeyan, a Central Bank spokesman, said in an interview with ARKA news agency.

On June 2, the Financial Trading House that presented itself as the official representative of the Swissquote bank in Armenia said it begins attracting customers from Armenia. Armenian Minister of Economic Development and Investments Artsvik Minasyan, who attended the FTH presentation in Yerevan, said Swissquote bank's interest in the Armenian market was an indication of its confidence in the country.

According to the minister, this means that the Armenian economy will get access not only to new services, but also a possibility of a wider circulation of financial resources. He added that this, in particular, increases the country's credibility and investor confidence.

FTH said earlier it would engage in raising funds and opening accounts with the Swissquote bank, as well as provide robots (automated trading system) that will earn money for their clients at the stock exchange. FTH promised its potential clients a passive income from 4% to 8% monthly.

"The Financial Trading House company advertises online robo-trading services of a bank that does not have a banking license in Armenia. It also promises to open commercial accounts and to earn profits for customers. The Central Bank of Armenia conducted a study into the legality of the services provided by the company discovering that they are illegal,’ Harut Kbeyan said.

He compared FTH’s scheme with that of Forex technology urging citizens to refrain from using its services. He added that the Central Bank did not grant a license either to FTH or the Swissquote bank.
The Financial Trading House was established in 1999 and has become one of the leading companies in the global financial market. Since 2015, it has been providing intermediary services to the Swissquote bank.

Swissquote bank is one of the largest Swiss online banks, which has about 300,000 customers around the world. --0--