Austria’s FMA has issued a warning against CFDs100
The Austrian regulator FMA (Financial Market Authority) has issued a warning against Forex and CFD broker CFDs100. The brokerage firm was offering financial products and services to Austrian residents without being authorized in the country.
The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.
According to the website, CFDs100 is a world-renowned financial services provider offering a range of investment products, including CFDs (contracts for difference), FX and Cryptocurrencies. The company is owned and operated by CCLR Solutions Limited and claims to be located in Tallinn, Estonia. However, the company is not licensed to provide its services in the country and it is proved with a warning from Estonian regulator Financial Supervision Authority.
In fact, there is actually a big chance that CFDs100 is just another offshore scam company, as we have found mentions of the Vanuatu jurisdiction in the terms and conditions from the website. Vanuatu is a popular offshore zone for the forex brokers as they can be easily incorporated under the countries law.
If you still have plans to invest with CFDs100, check the reviews online. Most of thoe reviews are negative, where people complain about withdrawal issues and losing huge amounts of money with this broker.
When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence. Trading with a licensed broker ensures you will not have issues withdrawing your investment. The most trustworthy brokers are those registered with such regulators as FCA in United Kingdom and ASIC in Australia. You can read our review on this broker here.