Italy’s CONSOB warns against forex broker FXBreeze
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 – FXBreeze. The broker was banned for the provision of unauthorised investment services and activities to the Italian public.
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.
FXBreeze is broker that offers trading in forex and wide range of CFDs on a web-based trading platform. The broker doesn’t disclose the name of the company behind the brand name. According to the website, FXBreeze is located in Estonia, however, the contact number is British. Also, the terms and conditions state that all the proceedings are conducted in London, UK. The UK’s regulator FCA doesn’t have this broker in its register, so we suppose th ecompany is not authorized in the UK or any of the EU countries, which is already a valid reason to avoid trading with FXBreeze.
In addition, we have come upon a warning issued by the Estonian Financial Supervision Authority. According to the warning, the brokerage is providing financial services illegally without a proper license.
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. A good example of such are the ones supervised by the FCA or ASIC. You can read our review on this broker here.