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 – 4xpremium. The broker was banned for illegally using identifying elements (company, brand, name or corporate name, headquarters, addresses, web and/or e-mail addresses, etc.) that are identical to those of companies actually authorised.
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.
4xpremium offers trading with Forex and CFDs, including Indices, Commodities and Stocks. The company is owned and operated by Index Limited. 4xpremium doesn't disclose any information about its location, contact details or, most importantly, its regulation. Also, mentioning Cyprus jurisdiction in the terms and conditions doesn't mean the authorization from the Cyprus Securities and Exchange Commission (CySEC).
Although, our biggest concerns are the warning from several regulators which blacklisted 4xpremium for illegally use of identifying elements of companies actually authorised in the country. As the official CONSOB notice state, such companies are called "clone firms" and they not just use the names or addresses of the authorized entities, they may also refer to "licenses", whether valid or expired, issued by supervisory authorities to different subjects. By so doing, these subjects present themselves to potential customers as being authorised, often offering highly profitable investments in an underhand way.
Moreover, the broker has also been banned by the UK's Financial Conduct Authority as the owner-company Index Limited is a clone of the FCA-regulated Global Market Index Limited.
It is now clear that 4xpremium is way too suspicious to be dealt with. Trading with a licensed broker ensures you will not have issues withdrawing your investment. The most trustworthy brokers are those registered with such regulators as FCA in the United Kingdom and ASIC in Australia. You can read our review on this broker here.
Friday's ultimate crash brought the West Texas Intermediate (WTI) benchmark from 78 USD to 68 USD as panic selling hit the markets, following news that a new COVID variant has emerged in South Africa. Stocks plunged, yields cratered, and oil collapsed.
Monday saw some dip buying in most of the assets as US equities erased most of their losses, but oil failed to stage a strong rally.
Bulls cheered after President Biden said that the US wouldn't need shutdowns or lockdowns this winter. Biden went on to say that "vaccines are the reason why lockdowns are off the table," but added that he "encourages people to wear masks when indoors with crowds."
From the bearish news for oil, Russia's Deputy Prime Minister Alexander Novak said the country is ready to raise production to pre-pandemic levels. If everything goes according to the OPEC+ plan, Russia will reach the pre-pandemic levels in May.
Additionally, many EU countries are in a lockdown or introducing tight restrictions, slowing demand for oil. Alternatively, winter is coming and it’s expected to be harsh, boosting energy prices worldwide.
The US dollar is also getting stronger every week, halting the uptrend in several commodities. In addition, investors expect the Federal Reserve (Fed) to hike rates two times in 2022, possibly keeping precious metals and oil under pressure.
Technical Analysis is Not so Bullish Anymore
Oil plunged below the psychological level of 70 USD, where the 200-day moving average is also located. However, Monday's rally has brought the price above 71 USD, changing the short-term outlook to bullish as long as the 70 USD is held.
Nevertheless, the technical damage has been done, and many stop losses were destroyed in Friday's crash. The daily and small time frame charts now look severely oversold, possibly leading to another rally.
The next target for bulls will likely be in the 74 - 75 USD area, where previous highs and lows are converged. However, oil needs to climb above 80 USD for the medium-term uptrend to become active again.
Alternatively, the critical support is seen at 70 USD, and if oil breaks below it again, we could see another leg lower, targeting August lows at 62.50 USD.
58 Australian finance services (AFS) licensees, who were in breach of the law because they were also authorised representatives of other AFS licensees, have now had their authorisation revoked following an ASIC review.
According to section 916D of the Corporations Act 2001 (the Act), an AFS licensee cannot be the authorised representative of another AFS licensee, unless they are a general insurance underwriting agent or broker operating under a binder given by an insurer.
ASIC investigated 65 cases where AFS licence holders had also been appointed as authorised representatives by another AFS licensee. Of the 65 cases investigated, ASIC found that 58 were in breach of the law.
In circumstances where an authorisation has been granted to one AFS licensee by another, ASIC is concerned that licensees may not have appropriate compliance measures in place, resulting in potential risks to consumers.
ASIC expects AFS licensees to check ASIC’s professional registers prior to granting an authorisation to new representatives to ensure that they do not authorise a person or entity that already holds an AFS licence. AFS licensees are advised to adopt this practice as part of their onboarding process. AFS licensees wanting to become authorised representatives must give up their licence or take necessary steps to ensure that they are not in breach of the law.
The broker continues to enhance its account types to ensure optimal client satisfaction
HFM, the global multi-asset broker, recently introduced theCent account, an innovative account type that enables traders to engage in trading with cent lots. This feature facilitates the opening of significantly smaller positions and allows users to measure their balance in cents.
The Cent account primarily caters to novice traders who seek to explore the intricacies of the real market and put their trading skills to the test. By using this account, it is possible to gain practical experience without committing a substantial portion of the trading funds. Additionally, seasoned traders can also take advantage of the Cent account to experiment with new trading instruments and refine their strategies.
HFM is pleased to unveil its latest offering, the Cent account, providing traders with a seamless opportunity to embark on their investment journey. By opening a Cent account with HFM, traders gain access to a unique trading experience, characterized by minimal margin requirements of just 10 cents. Moreover, cent lots enable them to open smaller positions, while balance measurement in cents eliminates the need for currency conversion.
Besides, traders can maximize their investment potential with leverage options of up to 1:2000. Additionally, HFM's newly introduced account type eliminates commission fees entirely and exempts traders from swap fees.
An HFM spokesperson expressed enthusiasm by remarking, "We are thrilled to introduce this new account option for our esteemed clients and partners. Our firm belief is that the world of trading should be more accessible to all, regardless of experience level. We strive to empower our traders to select the trading account that aligns with their financial goals and risk tolerance."
HFM's latest introduction of the Cent account aims to establish a comprehensive trading environment that caters to the unique requirements of every trader, irrespective of their level of experience. This account type offers an array of award-winning conditions and an extensive selection of trading instruments to enhance the trading experience.
For more detailed information about the Cent account, we encourage you to visit HFM's official website.
About HFM
HFM, formerly known as HotForex, is a brand name of HF Markets Group, an internationally acclaimed multi-asset broker of choice to over 3.5 million live accounts worldwide that has earned over 60 coveted industry awards in its twelve-year history. The company offers a wide variety of account types, innovative products, platforms, tools and educational resources besides outstanding customer service and unparalleled trading conditions to facilitate individuals and institutional customers to trade Forex and CFDs online.
UK’s financial markets and service providers regulator FCA (Financial Conduct Authority) has added one more forex broker to its warning list of unauthorized companies. This time it is a Utrade broker. FCA doesn’t usually provide a lot of information about the blacklisted company, except that it offers its services to the UK residents, but doesn’t appear to be licensed by the regulator, as it is required.The broker UTrade operates through the website www.utrade.online and offers trading in both currencies and CFDs, including stock indices and commodities. The company is owned and operated by Callpointltd s.r.l., based in Romania, Bucharest. The website provides information about "affiliates centers" which means "offices around the words". According to this info, the broker has offices in US, UK, Germany, Australia, France, Italy, Hong Kong and Japan and is regulated to provide financial services in each of the mentioned countries, listing the regulator such as National Futures Association (US), FCA (UK), BaFin (Germany), ASIC (Australia), CONSOB (Italy), SFC (Hong Kong). There is one tiny discrepancy on the website - the broker is not actually registered in any of the mentioned countries by any of the regulators. The firm also claims to be a leader in online Forex trading and provides the list of its forex awards such as Best Forex Provider 2017, Best FX Broker 2017, Best FX Execution 2017 etc. After checking this info with the reliable sources, we can reassure you that UTrade has never been nominated or gotten any of these awards. 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 the fraudulent unlawful financial activity. You can read our review on this broker here.
Prices for US diesel in the spot market of New York harbor have risen more than 265% since President Biden took the oath of office in 2021
Almost every region on the planet will face a diesel shortage this winter
The global diesel markets are facing a perfect storm as capacities tighten and stocks run low. If this continues, it could jeopardize critical transportation networks since industrial fuel powers ships, trucks & trains; there's also concern about supply chains being compromised by refinery issues in response to high demand for heating homes or businesses.
The worldwide shortage of diesel will have devastating effects on the global economy, including an accelerant that will burden households and businesses. Both gasoline and diesel prices are linked to crude prices set on the global market. Due to supply constraints, diesel prices in many markets currently demand a hefty premium.
According to the Energy Information Administration, the US now has just 25 days of diesel supply, the lowest since 2008; and while inventories are record low, the four-week rolling average of distillates supplied - a proxy for demand - increased to its highest seasonal level since 2007.
The ban on Russian crude to Europe in December could worsen the situation. Then a ban on Russian diesel in February could unleash even more chaos for the continent. Traders are panic-hoarding Russian oil products before the bans come into effect. Earlier this year, the US halted Russian diesel shipments, which last year, it was a major supplier to the East Coast.
Winter could exacerbate problems for the Northern Hemisphere as the worst diesel squeeze in a generation could wreak havoc on the already faltering global economy.
Mastercard today introduces Crypto Source, a new program to enable financial institutions to bring secure crypto trading capabilities and services to their customers.
In partnership with regulated and licensed crypto custody providers, Mastercard’s financial institution partners will gain access to a comprehensive suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services. This Crypto Source offering is complemented by Mastercard Crypto Secure to bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations.
Now, Mastercard’s suite of crypto-related offerings for banks and fintech includes:
Technology and partnership support to enable buying, holding and selling off select crypto assets
Security management including Mastercard’s identity solutions, crypto analytics, transaction monitoring, anti-money laundering, ‘Know Your Business’ and lifecycle stages, cybersecurity, and biometrics
Crypto spend and cash out capabilities offered through a range of products, including crypto cards, open banking and cross border services. Financial institutions would also be able to offer additional functionality using Mastercard’s technology such as digital receipts and loyalty solutions
Crypto program management including program design, product development and technology implementation, as well as go-to-market optimization and marketing consultancy services, providing end-to-end support for banks, fintechs and issuers to offer crypto programs at scale.
To support this program, Mastercard is expanding its partnership to work with Paxos Trust Company, a leading regulated blockchain infrastructure platform. The partnership aims for Paxos to provide crypto-asset trading and custody services on behalf of the banks, while Mastercard will leverage its technology to integrate those capabilities into banks’ interfaces, resulting in a seamless experience for the consumer.
Over the past few years, Mastercard has been working alongside its customers and partners to bring new services and capabilities that help make crypto more accessible, safe and secure. These efforts have been complemented with the addition of new technologies through Finicity, Ekata, RiskRecon and CipherTrace. This unique combination of services provides eligible financial institutions the opportunity to directly manage crypto asset investments for consumers. Mastercard also continues to support banks, governments and others through its Crypto & Digital Currencies Consulting Services.
Mastercard Crypto Source is currently being prepared for pilot programs.
As another affirmation of its industry-leading position, the award-winning broker has revamped its trading conditions and presented a refreshed website.
HFM, a prominent global multi-asset broker, has recently unveiled its latest trading accounts, offering enhanced trading conditions. This development stands as yet another testament to the company's continuous pursuit of innovation and its leading position in the worldwide online trading market. Alongside this exciting update, HFM has also introduced a fresh and modern look for its website, further elevating the overall user experience.
HFM continues to revolutionize the financial markets by introducing its latest trading accounts. These cutting-edge accounts empower clients to trade across a diverse range of asset classes while enjoying unparalleled trading conditions. With features like increased leverage of up to 1:2000, swap-free trading options on selected accounts and instruments, swift deposit and withdrawal methods, and lightning-fast execution, HFM is reshaping the way traders engage with the global markets. This new offering sets a new standard for efficiency and convenience, reaffirming HFM's commitment to delivering top-tier services to its clientele.
"Our priority is to provide traders with a robust trading environment that empowers them to excel in the financial markets. The introduction of our new trading accounts and the exceptional trading conditions we offer is a testament to our unwavering commitment to assisting our clients in becoming self-directed traders. We value the feedback and requirements of our clients and partners, and their input will remain instrumental in shaping our future decisions," stated a spokesperson from HFM.
New Website, Automated Client Onboarding
HFM has launched its enhanced website, meticulously designed to prioritize user experience. The website now boasts a modern design and intuitive navigation, providing visitors with a user-friendly interface to explore the company's comprehensive product portfolio and range of services. Additionally, HFM has introduced an upgraded onboarding process that streamlines the account setup procedure. This effortless onboarding experience enables traders to swiftly establish their accounts and seamlessly commence trading within minutes, further enhancing their overall trading journey.
In response to these latest developments, the spokesperson from HFM expressed their enthusiasm, stating, "This marks an exciting new chapter for HFM. We continuously listen to our clients' feedback and strive to enhance our services to meet their needs. As the demand for user-friendly and personalized trading experiences grew, we seized the opportunity to revamp our website and KYC procedures entirely. Our goal is to make online trading easily accessible to everyone, ensuring a seamless and tailored experience for all."
HFM invites visitors to explore the new website: www.hfm.com
About HFM
HFM, previously recognized as HotForex, is a renowned brand under HF Markets Group. With a remarkable twelve-year history, HFM has emerged as the preferred multi-asset broker for over 3.5 million live accounts worldwide. The company's exceptional performance has been acknowledged through the acquisition of more than 60 esteemed industry awards. HFM stands out by providing an extensive range of account types, innovative products, cutting-edge platforms, advanced tools, and educational resources. Complemented by outstanding customer service, the company offers unparalleled trading conditions, enabling both individual and institutional customers to engage in online Forex and CFD trading with utmost convenience and efficiency.
🛡️ Is BaFIN Broker Offshore or Top-tier Jurisdiction?
Top-tier
🔒 Is Top-tier Jurisdiction safe to trade?
Yes
What is BaFIN?
Bundesanstalt für Finanzdienstleistungsaufsicht or the Federal Financial Supervisory Authority - known as a BaFIN, is the financial regulatory authority in Germany also one of the most respected and Top-Tier Regulatory authorities known worldwide. BaFIn acts as an independent federal institution under the supervision of the Federal Ministry of Finance Germany, also falls under EU Regulation of MiFID and ESMA being EU part.The German Federal Bank merged the authority along with the insurance and securities regulatory agencies and supervision.
While BaFIN holds a responsibility to supervise and regulate the financial sector in Germany, with the purpose to maintain smooth operations and harmonized offerings. The regulatory role falls in affects law enforcement towards banks, financial services institutions, insurance undertakings, and securities or derivatives brokers. (Read our article about BaFIN Brokers)
Perhaps, BaFIN is one of the largest and most valuable European regulators due to the fact of German economic and financial positions, as well as the large number of financial market firms that operate in the region. There are no doubts about BaFIN's role in the financial trading sector, since the extensive regulation regarding leveraged products, Forex and CFD trading came up together with the growth of trading offers, and followed the previous strictest development of stringent rules towards financial firms.
Moreover, BaFIN constantly develops its powers, as of 2016 a new launch was dedicated to encouraging more businesses and exposing misconduct. The major role of BaFIN ensures integrity and transparency of the German financial investment offering, along with its charge of the constant solvency and payment obligations of the regulated institutions and capability to deliver the confidence of services to their clients or traders. That means, BaFIN continuously check on the service providers and market participant in the sector and assures its strongest position on the international scale. (Read more about BaFIN's functions and role on their official website)
Why trade with a BaFIN-regulated broker?
As BaFin operates in the public interest, its primary objective is to ensure that the financial system is properly functioning and delivers stability and trust towards investors or traders. The supervision of securities, CFDs and Forex consistent of integration and protection of offering and controlled on a legal basis throughout the Securities Trading Act (WpHG), the Securities Acquisition and Takeover Act (WpUG), the Securities Prospectus Act (WpPg) and the Prospectus Act (VerkProspG).
In addition, the provisions of the Stock Exchanges pricing process are monitored by the authority in collaboration with the exchange's own trading surveillance units. In simple words, that means that BaFin as a German authority does not only register or regulated financial market participants, but also supervises exchange-like trading systems and subject cooperation to fulfil the functions at the international level. Therefore trading with BaFIn Brokers clients are ensured of transparency and strict obligation to the laws.
The Federal Chamber establishes special guidelines for regulated members and particularly interprets an operational standard that enables safety and transparent measures towards traders. The list includes segregation of the client’s funds from the company's operational ones at all time and enabled negative balance protection. This assures that the trader’s funds are safe and not reachable by the company, as well as that volatility market conditions won’t affect the trader’s account into a loss of balance more than the initial invested capital. As a general mean, the regulator acts and enables new rules and controls according to the new developments and findings, therefore current issues follow numerous rules towards Crypto trading and leverage restrictions, while the needs are not to be between 2:1 and 30:1.
Moreover, with the purpose to protect consumer rights, which is among the top responsibilities of BaFin, the authority serves the Consumer Advisory Council that analysis information about the financial markets and prevents broker’s manipulations. The BaFin broker submits reports on a periodic basis and submits information on company orders, lending and all forms of assets along with disclosure reports. The required regulation allows BaFIN to request operational information, and conduct supervisory or analysis at any time, while in case the regulated broker does not comply with necessary standards this may cost a backwash.
In the past German authority has hardly made use of enforcement, however recently BaFIN is an effect to initiate legal action when it discovers suspicion of a crime, including market manipulation, illegal action, insider trading or establishment of fraud. Further actions include the creation of a working group together with a professional to define objectives, publication of found information to the public, imposition of fines and heavy penalties, and even raising of a criminal complaint against persons or companies. In addition, BaFIN has the power to ban a product or dealer offer, remove the directors, suspend shareholders and appoint outside supervision.
Overall, throughout the strict regulatory guidelines, the trader and investor are protected at any stage or scenario from the account opening, and trading process, up to the unlikely events of the broker’s insolvency. BaFIN is responsible for the statutory compensation and guarantee scheme plan, which is mandatory to join with the purpose to protect customers’ deposits. The mechanism clarified compensation up to 100,000€ which any client is entitled to receive.
BaFIN Brokers Requirements and Regulation
From the application of the license, until the company officially obtains its registration, the firm will pass through a serious check of the performance, and its maintenance of sustainability and trust, while their shareholders are required to check also, along with a large number of control systems. In fact, it is not easy to become a regulated BaFin broker and meet the necessary requirements, as minimum requirements should be sharply achieved, otherwise, the company will be suspended, in comparison offshore companies which we advise to avoid are not required to obtain almost any of those rules that guarantee safe trading account. Read Why Avoid Belize Brokers
The minimum capital requirement depends on the financial company type and averages between 50,000€ to 730,000€. While the system disciplines numerous details for the company to maintain, overall the minimum capital of an investment company which trades on its own account should be not less than 125,000€.
The broker also checked for its adequacy, should submit a business plan, acknowledge and practice essential experience, apply protection systems and have at least one year of risk control with a record of at least 6 years. The directors and top management are interviewed in terms of their qualifications, so BaFin can rest assured the company's sustainability is protected by the intelligent management and experience to run a successful brokerage as well.
After its registration process the broker, as established and regulated in the EU, the company will automatically comply according to respective ESMA regulations, due to an EU directive. The broker received a regulated status maintains a physical office in Germany and is organized to comply with its mandates at all times.
Regulatory Complaint
As a part of the customer protective service, any trader or investor can file a complaint against the broker if the one faces an unfair experience with a particular company. Apart from an applied resolve procedure, which every regulated BaFin broker applied to and you should first refer to the company itself, the trader can submit a complaint in writing with the necessary details and proof of claims to BaFin. The information will be reviewed for evidence, while further the stated company will be contacted for a detailed explanation and treatment plan.
Regardless of the outcome, BaFin will give final notice to the client, in case it can resolve an issue or not since securities investment complaints are a special character and BaFin has no right to support claims. BaFin can only take action against supervised companies and check on their compliance with the agreed contractual terms and legal requirements.
If you having problems with a bank, an insurance undertaking or a German management company (Kapitalverwaltungsgesellschaft – KVG), the BaFin may respond by suggesting an out-of-court settlement of the dispute or Ombudsman Services company.
In addition, BaFin educates the population through its comprehensive information that is available to all. You may find out about financial issues, and a wealth of information about banks, insurance undertakings, and other financial services providers. BaFin also answers frequently asked questions in case there are difficulties with a company or you can find out who to contact to receive advice.
In order to help traders to verify information about the BaFin forex broker license, the authority’s official website publishes a list of regulated entities with constant updates. In addition, the regulated BaFin broker will display on the footer of its website or regulation page the BaFin license number, which is available to check through official sources. (Search for BaFIN-regulated companies on official website)
In addition, it is advised for any trader or investor to check on BaFin Broker Reviews with updates and recent news from the broker. Currently, the German regulated brokers' list on our website includes 50 BaFin Regulated Brokers and growing, check on Regulated entities by the link. Also, You can learn more about how Forex Trading Scams work in our article linked here.
Conclusion Germany BaFIN
The benefits of trading with the BaFin-regulated Forex Brokers are obvious, as the authority enabled the strictest insurance of strong brokers’ responses, responsibilities, and compliance to its high solvency standards also being Top-Tier Forex Trading authority. That monitoring products, overall run of the trading or investment proposal and other issues along with the compensation provided to the clients when necessary. Overall,the BaFin made it scrupulously to monitor regulated brokers and smooth operation of the German finance system as an important part of international turnover.
The German brokerages are computable to the successful prospective of operation, makes their utmost to develop a market and focus on fair treatment of their client and are very well regarded by us and many traders in community too. For this reason, BaFin gained high consumers rankings, as well as popularity to establish brokerage, particularly under the BaFin regulatory status.
