Spain’s CNMV blacklists Trader Platinum and NoviFx brokers

September 23, 2019 at 10:04 PM

Spain’s financial markets and services regulator CNMV has issued a warning against two forex brokers Trader Platinum and NoviFx. According to the public warning notice, these entities are 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.

Trader Platinum claims to be the most trusted and reliable forex broker, however, it doesn’t provide any proof of its reliability. The broker hides all the contact information. It also doesn’t provide any regulatory information, only that it is fully compliant with EU Regulation (EU), but is not regulated in the EU. In addition, Trader Platinum is registered under the laws of the Marshall Island, which makes it an offshore company that may even be involved in scam. 

As to the forex broker NoviFx, it is owned and operated by MAGIC CONSULTING LTD, registered in Bulgaria. Although, it is not regulated by the local regulator and it still claims to be fully compliant with EU Regulation (EU), deluding potential traders. 

We always advise traders to avoid dealing with unregulated forex brokers, such as Trader Platinum and NoviFx. You can also share your experience with these brokers by commenting on this post.

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