The Austrian Financial Market Authority (FMA) warns the public against the activities of Aduno Capital a company that offers investments without complying with Austrian financial legislation. According to the official statement, Aduno Capital (ADUNO Capital Group ltd.) is not entitled to carry out banking transactions in Austria that require a license.

The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.

Aduno Capital is a broker that offers trading on Currencies, Stocks, Metals, Futures, Options, Bonds and Cryptocurrencies. The company claims to be located in Stuttgart, Germany, however it is not regulated by its local regulator BaFin (Federal Financial Supervisory Authority). 

Moreover, Aduno capital provides deluding information about its licences. It claims to be licensed by the Malta Financial Services Authority (MFSA), the Cyprus Securities and Exchange Commission (CySEC), the Securities and Futures Commission (SFC) and the Financial Conduct Authority (FCA). However, we couldn't prove any of these licenses as they either do not exist at all or belong to some other companies not associated with Aduno Capital. 

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.

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 Axe Invest 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 axeinvest.com and offers forex and CFD trading. The brokerage Axe Invest is owned and operated by the Madar Partners LTD– an offshore company registered on the Marshall Islands. Offshore zones like those islands are famous for their lax tax and legal regimes. They are basically not licensed, nor supervised by any authority. Judging by the language options, the broker is mainly targeting Italian- and Spanish-, German-speaking clients. Also, the phone numbers provided on the website have Swiss and British country codes, although the company might be located offshore. The company is not regulated to provide its financial services in any of the EU countries, which is already a valid reason to avoid trading with Axe Invest. 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.

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.

UK's Financial Conduct Authority added another Forex broker to its warning list. According to the regulator, City Global Trading has been providing financial services in the UK without their authorization.
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.
City Global Trading claims to provide expert advice to help traders make a smart managed FX investment choice. The company doesn't provide any information about the company behind the brand's name as well as its location. According to the website, City Global Trading is regulated by the UK's Financial Conduct Authority. However, this information is false and the company was even blacklisted by the regulator.
Also, the broker claims to provide its financial services to the residents of the USA, China, Malaysia and Europe, although it is not possible without a proper regulation, which City Global Trading obviously lacks.
Without proper authorization, there is no way for regulators to protect investors from fraudulent activity, due to a lack of monitoring by any governing body to ensure that proper practices are being adhered to by the companies. Overall, we don’t recommend this broker due to the lack of financial regulation and the warning from the authorities. All brokers licensed by UK’s Financial Conduct Authority are under the umbrella of the Financial Services Compensation Scheme (FSCS), which can pay up to £50,000 per client. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts. You can read our review on this broker here.

Austria's financial markets and services providers regulator FMA warned that the Forex and CFD broker Tradovest is not licensed to offer its services in Austria.

The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.

Tradovest offer Forex and CFD trading options and operates through the website www.tradovest.com. The company is owned and operated by Celestial Trading ltd. registered on the Seychelles, which means it is an offshore entity and there is a high risk for the customers when dealing with this firm. The website also mentions another company UK-based CELTIC PAY LTD. for processing the payments. Although, the location of the Tradovest is not provided on the website, it mentions different contact numbers in different countries (UK, Switzerland, Germany, New Zealand, Austria and Spain). The company is not licensed in any of those countries, and there is no regulatory body that monitors its activity to ensure it sticks to best practices.

When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence. 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 United Kingdom and ASIC in Australia.

You can read our review on this broker here.