CfdPremium end up on CONSOB’s warning list

Unregulated forex broker CFDPremium has been one of the latest additions to the warning list of the Commissione Nazionale per le Societa e la Borsa (CONSOB). The Italian financial regulator also ordered the broker to cease its illegal operations in the country.

Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.

CFDpremium is an online Forex broker, focusing on Commodity, Index and Forex trading. The company is owned and operated by Silver Wolf Ltd. Silver Wolf Ltd. is registered on the Marshall Islands and known for operating some other brands, such as FXtrade777, TradeBNP and MarketGBP. It is also known for multiple warnings received from several regulator, including UK’s FCA, Spain’s CNMV, Danish FSA and some others. Moreover, CFDPremium itself has also been blacklisted by Spanish CNMV in January 2019.

The broker claims to be located in London, UK. However, we have checked the regulator’s register and haven’t found any mentions of CFDPremium. The website offers different language options, where all the languages are European, which means the firm has been mainly targeting EU residents.

All these facts are more than enough to stay away from the CFDPremium. In Italy, as in any other EU Member State, financial intermediaries, including forex brokers, are not allowed to operate without proper authorization either from the local authorities or from any financial regulator of another EU country. You can read our review on this broker here.

NFA Fines East West Global $750,000 for Overcharging Clients

On 10th of April, a US-registered asset manager East West Global agreed to pay the National Futures Organization a $750,000 fine to settle allegations that it charged excessive fees from investors in its commodity pool.

The National Futures Association (NFA) is the self-regulatory organization for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency (forex) and OTC derivatives (swaps). NFA is headquartered in Chicago and maintains an office in New York City. NFA does not operate any markets and is not a trade association.

According to the filing, the company breached fiduciary duty and failed to sufficiently reveal the high fees and poor overall performance of the pools which was material information.

The NFA launched its suit against East West Global on August 2018, alleging the commodity trading operator allowed to publish these disclosures although the documents were materially inaccurate and likely to deceive pool participants.

East West Advisors, LLC provides investment advisory services. The Company offers risk management, investment strategies, consulting, financial planning, and other financial services. East West Advisors serves clients in the United States.

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.

FINMA has issued a warning against 69Brokers

The financial markets and services providers regulator of Switzerland – FINMA – has warned of unregulated forex broker – 69Brokers.

The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland. FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location but are not Swiss-regulated.

According to the broker’s website, 69Brokers.com is a global software company which develops and successfully operates a leading online trading platform. The company provides trading with Forex, Indices, Commodities, Shares and Crypto. 69Brokers doesn’t disclose the company behind the brand’s name. It claims to have offices in Birmingham, UK and Zurich, Switzerland. They also provide a regulative registration number: 248/16, that probably should mean the company is regulated by Swiss FINMA, however, this information is false and the broker is not authorized to provide its financial services in Switzerland or any other country.

The negative comments about the 69Brokers on the net also reveal that those who invested are having hard times with withdrawing their money, while the company representatives are cold calling them promising high returns.

When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk. It is better to avoid dealing with unregulated and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or FINMA. You can read our review on this broker here.

FCA has issued a warning against Forex broker Tradepro Capitals

FCA Regulator

The UK’s Financial Conduct Authority has updated its warning list with Tradepro Capitals – a company that is not authorised by the regulator and is targeting people in the UK. Based upon information the FCA holds, Tradepro Capitals is carrying on regulated activities which require authorisation.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.

Tradepro Capitals provides you with high-end trading instruments, such as 62 currency pairs & Crude Oil and a wide range of stock indices. The company is owned and operated by Tradepro Capital Markets Limited, based in St. Vincent and the Grenadine. This is a jurisdiction where Forex license is not required. Moreover, local authority doesn’t issue forex licenses, which means that the broker is most probably a fraud.

Also, Tradepro Capitals claims to be based in London, the UK, however, it is not regulated by the UK’s FCA. We have also found a bunch of negative review about this broker, where people state the firm refuses their withdrawals and doesn’t return their messages.

Considering all the above, we don’t recommend this broker due to the lack of financial regulation and the warning from the authorities. All brokers licensed by the UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS), which can pay up to £50,000 per client. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. You can read our review on this broker here.

Austria’s FMA has issued a warning against CarterFS broker

Austria’s financial markets and services regulator FMA has warned that Forex broker CarterFS is not licensed to carry out banking operations in the country. In essence, this means the company cannot operate in Austria.

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.

CarterFS is a Forex broker that offers to trade with over 800 high-liquidity assets. Stocks, Commodities, Indices, Currencies and much more. The company is owned and operated by Elit Property Vision LTD, based in Sofia, Bulgaria. Also, the terms and conditions on the website state that the company is under the laws of Bulgarian jurisdiction. However, the company is not regulated by its local regulator.

In addition, it turned out CarterFS has previously been owned and operated by Solutions CM LTD, that also owns such unregulated brokers like Lockwood Investments, OriginalCrypto, Britonprice, and Easy Line Pro. In fact, Solutions CM, as well as the brands owned by this company, have been blacklisted multiple times by different regulators. For example, Solutions CM LTD and its brand Original Crypto have been banned by Italy’s CONSOB in December 2018. Also, SolutionsCM LTD and its brand Lockwood Investments have been warned against by Spain’s CNMV in April 2018.

Obviously, this information should be enough for the traders to stay away from unregulated broker CarterFS. 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 the United Kingdom and ASIC in Australia. You can read our review on this broker here.

Spain’s regulator CNMV warns against 4xFX broker

Spain’s financial markets and services regulator CNMV has issued a warning against 4xFX. According to the public warning notice, 4xFX, operated by GRF EUROPE OÜ, is not authorized to provide investment services or investment advice and auxiliary services, including foreign currency transactions in Spain.

The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry, and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.

The broker 4xFX offers its clients trading with Indices, Commodities, Forex, Stocks and Cryptocurrencies. The firm is owned and operated by GRF EUROPE OÜ, based in Estonia. However, we didn’t find any records of the broker to be regulated by the local Estonian Financial Supervisory Authority or any other regulator.

Moreover, 4xFX was already blacklisted by several regulators, including Estonian Financial Supervisory Authority and Australian Securities and Investments Commission (ASIC). It should definitely be a red flag, as investing with the company that has gotten into warning lists of three regulators doesn’t put much hope.

The website supports English, German and Spanish languages, as well as provides contact numbers with British, German and Estonian phone codes. It usually means the broker has been targeting people from those countries and most of the times without being authorized.

In order to operate legally, investment firms need a license by the local relevant authorities or the authorities of any other EU member state. We strongly advise traders to select among brokerages authorized by reputable regulators, such as EU ones (FCA, CySEC) or Australia’s ASIC. You can read our review on this broker here.

Italy’s CONSOB warns against forex broker RichmondFG

Italy’s financial markets and services provider regulator CONSOB (Commissione Nazionale per le Società e la Borsa) has updated its list of forex brokers who are not licensed to operate in Italy with one new addition – RichmondFG. This broker has been offering investment services and activities to the Italian public without being authorized in the country.

Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.

RichmondFG is a broker that offers its clients to trade over 800 high-liquidity assets. Stocks, Commodities, Indices, Currencies and much more. The company is owned and operated by Elit Property Vision LTD with the registered address in Sofia, Bulgaria. However, the company is not regulated by the local Financial Supervision Commission.

We have also found out that previously RichmondFG claimed to be Terraquest Media Ltd., based in Bulgaria as well, but neither of the mentioned companies is regulated. Moreover, Terraquest Media Ltd. and RichmondFG have been banned by German BaFin (Federal Financial Supervisory Authority). According to the official notice, the regulator has been receiving concerns from German traders regarding the lost money with RichmondFG. The notice also states that Richmong is not licensed nor regulated.

We recommend selecting among brokers licensed by the respective authorities in the UK, or Germany, for example. They follow multiple reporting procedures and have to keep client funds segregated from the company’s. You can read our review on this broker here.

Spain’s CNMV warns against a forex broker KayaFX

Spain’s financial markets regulator, CNMV, has warned of Forex broker KayaFX. According to the official notice on CNMV’s website, this entity is not registered in the corresponding registry of the commission and, therefore, are not authorized to provide investment services.

The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.

KayaFX is an offshore Forex and CFD broker. The company is owned and operated by AlphaTec LTD, Leeds, England. According to the terms and conditions, there is also another company behind the brand’s name, Hermes Solution DOO, based in Montenegro and responsible for the clearing and billing services. However, none of the mentioned companies aren’t regulated to provide financial services.

The broker has previously been blacklisted by the UK’s regulator Financial Conduct Authority for targeting UK residents without being authorized in the country.

We have also found a lot of negative reviews from the traders. Some of them cannot withdraw their funds and profits, others haven’t heard from broker since their first deposit. It seems that KayaFX is just one more unregulated company trying to deceive customers.

Generally, we always advise traders to avoid dealing with unregulated forex brokers, as most of them are involved in investment scams. There are a number of properly licensed brokers to choose from, like the ones regulated by the FCA or the Australian Securities and Investment Commission. You can read our review on this broker here.

FCA has issued a warning against Forex broker PTBanc

FCA Regulator

UK’s Financial Conduct Authority added another Forex broker to its warning list. According to the regulator, PTBanc has been offering, promoting or selling financial services or products in the UK without its authorization.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. You can read a detailed article about why traders should choose UK brokers.

PTBanc is a broker that offers to trade in many currency pairs and a wide range of CFDs, including on cryptocurrencies. The broker doesn’t disclose any information about its location as well as its regulation, which has to be the first red flag for those who want to invest with PTBanc. There are different contact phone numbers mentioned on the website (British, Spanish, Italian and German), however, the broker does not claim to be regulated by any governmental agency and it obviously isn’t.

The terms and conditions of the website claim that PTBanc is registered offshore, in the Marshall Islands. This is a jurisdiction where Forex license is not required. Moreover, local authority doesn’t issue forex licenses, which mean that the broker is most probably a fraud.

Moreover, the broker has been banned by two other regulators, Italian CONSOB and Luxemburg Commission de Surveillance du Secteur Financier (CSSF), that only proves PTBanc should be avoided by any means. Without proper authorization, there is no way for regulators to protect investors from fraudulent activity, due to a lack of monitoring by any governing body to ensure that proper practices are being adhered to by the companies. You can read our review on this broker here.