CONSOB warns against forex brokers 4xincome and Kronosinvest

September 30, 2019 at 09:53 PM

Italy’s financial markets and services provider regulator CONSOB (Commissione Nazionale per le Società e la Borsa) has updated its list of forex brokers who are not licensed to operate in Italy. Kronosinvest and 4xincome are 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.

Both 4xincome and Kronosinvest do not provide any information about their location or regulatory details, which is quite suspicious and does not put a lot of trust in potential traders. 

4xicome is an offshore company registered in St. Vincent and the Grenadine. The broker offers a wide range of assets, including Forex, CFDs and Shares. Besides the offshore registration which is already a red flag for the investors, the broker doesn’t seem to be regulated by any authority. 

Kronosinvest is a Forex broker, operated by Kronosinvest Ltd. The company falsely claims to be overseen by the Estonian authorities without being actually regulated there. We advise avoiding companies that try to delude clients as Kronosinvest does. 

When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk. It is better to avoid dealing with unregulated brokerages and choose properly regulated and reliable brokers.

You can also share your trading experience with Kronosinvesr or 4xincome by commenting on this post. 

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