Italian regulator CONSOB warns against FxtPremium
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 with one new addition – FxtPremium. This broker has 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 government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.
The broker operates through the website www.fxtpremium.com and offers Forex, commodities, precious metals, indices, cryptocurrencies and CFDs trading options. The brokerage doesn’t mention the name of the firm that stands behind the brand name and owns and operates it. It also doesn’t provide much information about the location of the office. However, FxtPremium is not authorized to provide investment services in Italy. There isn’t any information about the company’s registered address and the only available contact method is via phone.
Although there is still some information about the jurisdiction the broker belongs under – Vanuatu – disclosed in the terms and conditions.
Vanuatu is the preferred location for unregulated forex brokers and there is always a high risk of losing the investments with such companies. As you have already understood FxtPremium seems to be one of those. Either way, it is better to avoid dealing with offshore brokerages and choose properly regulated and reliable brokers. A good example of such are the ones supervised by the FCA or ASIC.
You can read our review on this broker here.