Austria’s FMA has issued a warning against TradeToro broker
Austria’s financial markets and services providers regulator FMA warned that the Forex and CFD broker TradeToro is not licensed to offer its services in Austria. Therefore the acceptance of funds from other parties on a commercial basis for management purposes or as deposits is not allowed.
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.
TradeToro offers over 120 trading instruments including currency pairs, commodities, CFDs and indices. The company is owned and operated by Ivory Group Limited, based in Dominica, which means it is an offshore entity and there is a high risk for the customers when dealing with this firm. We have found out that previously the company claimed to be registered in St. Vincent and the Grenadines. However, the information has been changed not long ago.
In addition, there are a lot of complaints can be found on the net about negative experiences of the customers. People state that they’ve been losing huge amount of money with this broker, when managers were still promising profits and asking to invest more.
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.