Italy’s regulator CONSOB warns against FTE FX and RMT500
Italy’s financial markets and services provider regulator CONSOB has updated its list of forex brokers who are not licensed to operate in Italy. FTE FX and RMT500 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.
Are these brokers legit?
FTE FX is a Forex and CFDs broker, owned and operated by Ace Capital Ltd. The company is registered in the St. Vincent and the Grenadines and is not considered to be reliable due to its offshore location. Traders who invest with the offshore brokers like FTE FX have no guarantee of the segregation of accounts. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines. You can read our full FTE FX review here.
RMT500 is an international brokerage company, owned and operated by RMT 500 Ltd. According to the terms and conditions, RMT500 operates within the European Economic Area. However, we haven’t found any regulatory information that proves this statement. The broker doesn’t seem to be licensed by any regulator. False regulation information or the actual lack of this information are the first signs of a suspicious unreliable broker.
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 FTE FX and RMT500 experience with us by commenting on this post.