Italian regulator CONSOB warns against GoldFxTrading
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 – GoldFxTrading. 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.
GoldFxTrading is a Forex and CFD broker that operates through the www.web.goldfxtrading.com website. The company is owned and operated by GFT, based in St. Vincent and the Grenadines. The broker doesn’t state that it is also registered there, however, we’d want to remind that the FSA of the St. Vincent and the Grenadines 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.
GoldFxTrading claims to be located and regulated in the UK. However, its license is not valid anymore. There is a chance, the registration number provided by the broker doesn’t even belong to the company and is just used to delude potential investors. Considering all the above, we recommend to stay away from GoldFxTrading.
Investing with a properly regulated broker is crucial for the safety of any investment. Here are some reliable regulators: UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). These are well-respected institutions, also enforce strict regulatory standards upon all brokers in their jurisdictions. You can read our review on this broker here.