Spain’s CNMV warns of unregulated brokers ProuFX and BDV Invest FX
Spain’s financial markets and services regulator CNMV has issued warnings against two forex brokers ProuFX and BDV Invest FX. 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?
ProuFX is an Online Forex Broker. According to the website, ProuFX is owned by Yield Enterprise Currency Software OÜ, Tallinn, Estonia and operated from Riga, Latvia. The government of Estonia allows forex trading within the country for those brokers authorized by the local regulator Financial Supervision Authority. However, we didn’t find any mention of ProuFX or Yield Enterprise Currency Software OÜ in the regulator’s register.
BDV Invest FX offers its customers online trading of currencies, commodities and of major stocks via CFDs. The broker claims to be licensed and regulated by CNMV, FCA and BaFin. However, it turned out BDV Invest FX has just been using the regulatory details of other regulated entities while having no license.
We always advise traders to avoid dealing with unregulated forex brokers, such as ProuFX and BDV Invest FX. You can also share your experience with these brokers by commenting on this post.