Spain’s CNMV blacklists Wise Banc and JustForex brokers
Spain’s financial markets and services regulator CNMV has issued a warning against two forex brokers Wise Banc and JustForex. According to the public warning notice, these entities are not authorized to provide investment services or investment advice and auxiliary services, including foreign currency transactions in Spain.
The National Securities Market Commission (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy, Industry, and Competitiveness. The regulator maintains a register with investment companies that are authorized to operate in Spain.
JustForex is a forex broker owned by JF Global Limited. The company is registered offshore in St. Vincent and the Grenadine. Those brokers registered offshore are not considered as reliable ones, because they are basically are not overseen by any authority.
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.
As to the Wise Banc, the broker claims to be located in Bulgaria, however, it is not regulated by local regulator Financial Supervision Commission. Also, the owner-company Orion Service EOOD has been blacklisted by several regulators. It is better to stay away from Wise Banc.
Generally, we always advise traders to avoid dealing with unregulated forex brokers, as they may be involved in investment scams. There are a number of properly licensed brokers to choose from, like the ones regulated by the FCA or the Australian Securities and Investment Commission. You can read our reviews on Wise Banc and JustForex here.