CONSOB warns against AllTradeMarkets and CFD2FXPRO

November 18, 2019 at 11:29 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. AllTradeMarkets and CFD2FXPRO 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?

AllTradeMarkets is a Forex and Cryptocurrency broker. The company is operated by UAB ELNIRA. According to the website, AllTradeMarkets is incorporated under the laws of Lithuania and having its registered office in Vilnius. However, the local regulator, Bank of Lithuania, s well as any other regulator, does not supervise this firm. 

CFD2FXPRO is a Forex and CFDs broker. The company is operated by Lion Finance Ltd, and claims to the registered in St. Vincent And The Grenadines. The company doesn’t provide any contact details or regulatory information and seems like just another offshore company that should be avoided. 

As to the St. Vincent and the Grenadines Financial Services Authority (FSA) registration, we keep reminding remind that FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities.

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 AllTradeMarkets and CFD2FXPRO by commenting on this post.

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