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. Kronosinvest and 4xincome 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.

Both 4xincome and Kronosinvest do not provide any information about their location or regulatory details, which is quite suspicious and does not put a lot of trust in potential traders. 

4xicome is an offshore company registered in St. Vincent and the Grenadine. The broker offers a wide range of assets, including Forex, CFDs and Shares. Besides the offshore registration which is already a red flag for the investors, the broker doesn't seem to be regulated by any authority. 

Kronosinvest is a Forex broker, operated by Kronosinvest Ltd. The company falsely claims to be overseen by the Estonian authorities without being actually regulated there. We advise avoiding companies that try to delude clients as Kronosinvest does. 

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 unregulated brokerages and choose properly regulated and reliable brokers.

You can also share your trading experience with Kronosinvesr or 4xincome by commenting on this post.

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.

Italy's financial markets and services regulator CONSOB (Commissione Nazionale per le Società e la Borsa) has issued a warning that the offshore forex broker CFD Royal is not licensed to provide 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. The broker operates on the website cfdroyal.com and offers forex and CFD trading. The brokerage CFD Royal is owned by the United Limited - an offshore company registered on the Marshall Islands. Besides the address on the Marshall Islands, there is one more address claims that the main office is on the St. Vincent & The Grenadines. Too many offshore locations and no proper regulation to be able to target European residents. Judging by the language options, the broker is mainly targeting Italian- and Spanish-speaking clients. Also, all the phone numbers provided on the website have British country code, although the locations are offshore. This looks even more confusing and should be enough for serious traders to avoid dealing with the broker. 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. 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. You can read our review on this broker here.

The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued a warning against FX broker Wise Banc. The company is not registered on the Financial Service Providers Register, it is therefore not permitted to provide financial services to New Zealand residents.

The Financial Markets Authority (FMA) plays a critical role in regulating capital markets and financial services in New Zealand. It is the New Zealand government agency responsible for enforcing securities, financial reporting, and company law as they apply to financial services and securities markets.

In the official notice, the regulator also states that WiseBanc is based overseas with no presence in New Zealand and do not appear to be subject to regulation by an overseas regulator.

Wise Banc operates through the website wisebanc.com and offers Forex and Contracts for Difference (CFDs) trading. The company is owned and operated by TLC Consulting Ltd., registred in the Marshal Islands. Payment agent is Orion Service EOOD, located and registered in Bulgaria, where the company's headquarters are based. We already see the first red flag, offshore license, which means the broker is probably a fraud and cannot be trusted.

Wise Banc claims to have branches in Malaysia, New Zealand, Singapore, and South Africa, however, it is not authorized in any of these countries. Moreover, the warning from New Zealand's FMA is not the only one Wise Banc has. The UK Financial Conduct Authority and the Central Bank of Ireland have each recently published a public warning about WiseBanc and Orion Service EOOD.

Considering all these facts we cannot recommend you to invest with Wise Banc. It is much safer to trade with regulated entities overseen by reputable authorities such as FCA in the UK or ASIC in Australia.

You can read our review on this broker here.

The Financial Markets Authority (FMA) of New Zealand, the government agency responsible for financial regulation, have issued warnings against Circleforex and TradeLTD brokers. The regulator states the companies are not registered, licensed, or regulated in New Zealand and are not registered on the FSPR. 

The Financial Markets Authority (FMA) plays a critical role in regulating capital markets and financial services in New Zealand. It is the New Zealand government agency responsible for enforcing securities, financial reporting, and company law as they apply to financial services and securities markets.

Circleforex is a forex broker that claims to be based and regulated in New Zealand. It has been using regulatory details of the FMA-regulated entity Huanying International Limited, which is not associated with Circleforex in any way. This is a reason to consider Circleforex a so-called "clone firm" and avoid dealing with it. 

As to the Estonia-based Forex and cryptocurrency broker TradeLTD, it just doesn't seem to be regulated by any authority. It is owned and operated by Currency Board OÜ in Estonia, however, we haven't found any proofs of its authorization in the country. Moreover, Estonian FSA has issued a warning against TradeLTD in November 2018.

We recommend to stay away from the unregulated brokers and pay more attention to the reliable and licensed ones. All the warnings from the regulators are meant to protect the public from fraudulent unlawful financial activity. You can check out our full Circleforex and TradeLTD reviews amd also share your experience with us by commenting on this post.  

The UK’s Financial Conduct Authority (FCA) has issued warnings against FXonspot and Lincoln FX. The regulator said the brokers have been providing financial services and products targeting people in the UK without being licensed.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.

FXonspot offers trading with currencies, precious metals, commodities, CFDs and Futures. The broker is operated by Trade Com Limited. Despite the claims of being located in the UK, the terms and conditions on the website state FXonspot is under the St. Vincent and the Grenadines jurisdiction. Also, the broker is NOT regulated, since there is no such information provided on the website. 

Forex broker Lincoln FX is operated by Lincolnfx.capital LTD. The company's website has too many discrepancies to even claim to be legal and authorized. Lincoln FX claims to have branches in Switzerland and Singapore with the Headquarters in the UK. However, the company isn't actually regulated in any of the countries. In addition, the terms and conditions state the Cyprus jurisdiction as the broker's regulator, which is again false information. 

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and FXTM.

You can share your trading experience with FXonspot and Lincoln FX by commenting on this post.