RoyalFunds and LV Grow Markets end up in CONSOB’s warning list
Italy’s financial markets and services provider regulator CONSOB has updated its warning list with the brokers who are not licensed to operate in Italy. RoyalFunds and LV Grow Markets 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.
Are these brokers legit?
RoyalFunds offers a wide range of trading instruments involving Currency pairs, Commodities and Indices. The company doesn’t disclose any information about its regulation, location or any contact details. This all means RoyalFunds is NOT regulated by any authority. This is the biggest red flag when it comes to investing with a brokerage firm.
LV Grow Markets is a Forex broker, owned and operated by Arrow Capital Ltd., incorporated in Vanuatu. You can read our detailed article about the risk of trading with brokers from Vanuatu. Traders who invest with the offshore brokers like LV Grow Markets have no guarantee of the segregation of accounts. In addition, LV Grow Markets has also been banned by Austrian FMA.
You can also share your trading experience with RoyalFunds and LV Grow Markets by commenting on this post.