Spain’s CNMV warns of unregulated brokers ProuFX and BDV Invest FX

December 31, 2019 at 08:11 AM

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.

In addition, we have reviewed other brokers ( such as Libra Markets and UproFx) operated by Yield Enterprise Currency Software OÜ that were blacklisted by several regulators. 

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.

5 responses to “Spain’s CNMV warns of unregulated brokers ProuFX and BDV Invest FX”

  1. Another scam broker , do not fall into this trap they are known scammers who do this for a long time !!!
    stay clear of them !

  2. a broker based in the uk without a FCA licenses this is a crime already ! so be sure they are not stopping there these people steal what they can get so dont invest money there thinkig you be smarter then the others

  3. Yield Enterprise Currency Software OÜ is hosting scam brokers read the reviews about libramarkets and uprofx they are al scammers so do i need to say more ?

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