Italy’s CONSOB warns against Go Capital FX and Swissinv24 brokers
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. Go Capital FX and Swissinv24 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.
There is one and most important thing that companies have in common, they are both registered offshore, which doesn’t actually add more trust to them.
Go Capital FX is a Forex and CFD broker, owned by Lancelot Equity Ltd. and registered in the Commonwealth of Dominica. The broker claims to be located in Bulgaria, but for some reason provides Austrian contact phone number. However, Go Capital FX is not licensed in any of these countries. Moreover, it has been blacklisted by several regulators.
As to the Swissinv24, this forex broker is registered in the Marshall Islands. The broker doesn’t provide any information about its regulation and doesn’t actually seem to be regulated. Despite it’s “Swiss” company name, Swissinv24 has been banned in Switzerland by its local regulator FINMA.
It is now clear that the mentioned brokers should be avoided at all cost. You can check our full Go Capital FX and Swissinv24 reviews and also share your experience of dealing with these companies in the comments to this post.