Italy’s CONSOB warns against GoldenCFD and ProFxPremium

October 28, 2019 at 07:12 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. GoldenCFD and ProFxPremium 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 brokers belong to the offshore jurisdictions and both of them have already been banned by several authorities in different countries. 

GoldenCFD is Forex broker that also offers trading in CFDs and commodities. The company is owned and operated by Pro Star and registered in St. Vincent and the Grenadines. Besides the offshore registration which is already a red flag for the investors, the broker doesn’t seem to be regulated by any authority. 

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.

ProFxPremium is a Forex and CFDs broker. The company is owned and operated by Black Parrot Limited, based in the Marshall Islands and claims to have an office in Estonia. The Black Parrot Limited itself has been banned by numerous regulators throughout Europe, so it is safe to say ProFxPremium is better to be avoided. You can check our full ProFxPremium review

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 offshore brokerages and choose properly regulated and reliable brokers. 

You can also share your trading experience with GoldenCFD and ProFxPremium by commenting on this post.

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