Italian CONSOB banned Richmondfx and Globalfx

November 27, 2019 at 06:13 PM

Italy’s financial markets and services provider regulator CONSOB has updated its warning list with the brokers who are not licensed to operate in Italy. Richmondfx and Globalfx happened to get into the list. These firms have 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 Italian governmental authority responsible for regulating the Italian securities market. The regulator is also responsible for the Italian stock exchange, the Borsa Italiana.

Are these brokers legit?

Richmondfx is a broker that offers Forex, precious metals, commodities, CFDs and Futures trading. The company is owned and operated by Elit Property Vision LTD and claims to be fully licensed and regulated. According to the website, the broker has offices in the UK, Switzerland and Singapore, however, it is not regulated in any of these countries. 

Moreover, The owner company Elit Property Vision LTD also owns other brokerages, such as previously reviewed CFD Royal, CarterFS and RichmondFG.. These companies have been blacklisted multiple times by different regulators, and this fact definitely doesn’t put a lot of trust to Richmondfx.

Globalfx is a Forex broker, operated by Globalfx LTD. The website’s interface is literally identical to the one in Richmondfx. All the website section and the content are the same, so it is just one more proof that both brokers are probably involved in scam and should be avoided. 

Investing with a properly regulated broker is crucial for the safety of any investment. You can choose among Swiss brokers regulated by FINMA or those authorized in the UK by its FCA.

Also, you can share your trading experience with Richmondfx and Globalfx by commenting on this post.

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