Italy’s CONSOB has issued a warning against Market GBP

June 18, 2018 at 10:45 PM

Italy’s National Commission for Companies and the Stock Exchange (CONSOB) issued a warning against forex broker Market GBP. The company is not licensed to provide financial and investment services in Italy. 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. Market GBP is a forex broker that operates on the website marketgbp.com. Market GBP offers the MT4, Mobile, and Web forex trading top platform. MarketGBP.com offers over 45 forex currency pairs, CFDs, commodities, gold, silver, oil, indices and precious metals for your personal investment and trading options. The company is owned by Blonde Bear OU that is located in Tallinn City, Estonia. Also, the website mentions the registration number, which means the company is registered in Estonia. The phone number provided on the website is British. These two facts already seem to be quite confusing. The company is not regulated UK’s FCA and have no legal right to be located there. The website offers a few language options (English, German, Swedish, Spanish and Italian) that proves the broker has been trying to provide its services to the European residents without being regulated in those particular companies. All these facts are more than enough to stay away from the Market GBP firm. In Italy, as in any other EU Member State, financial intermediaries, including forex brokers, are not allowed to operate without proper authorization either from the local authorities or from any financial regulator of another EU country. You can read our review on this broker here.