Spain’s CNMV blacklists Weltrade and TCO TRADE
Spain’s financial markets and services regulator CNMV has issued warnings against two forex brokers Weltrade and TCO TRADE. According to the public warning notices, 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.
Are these brokers legit?
Weltrade is a Forex broker. It is owned and operated by Systemgates Ltd. The company is registered in Saint Vincent and the Grenadines. Those brokers registered offshore are not considered as reliable ones, because they are basically are not overseen by any authority. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
TCO TRADE is a global Forex brokerage and investment company that specializes in global financial markets. The company is operated by TCO Trades LTD. It claims to be located in London, UK. However, it is NOT regulated in the UK by its local regulator FCA.
Generally, we always advise traders to avoid dealing with unregulated offshore forex brokers, as they may be involved in investment scams. There are a number of properly Regulated Brokers to choose from on our website.
You can share your Weltrade and TCO Trade experience with us by commenting on this post.