Spain’s CNMV warns against a forex broker WandaFx

April 30, 2019 at 07:33 PM

Spain’s financial markets and services regulator CNMV issued a warning against WandaFx. According to the public warning notice, WandaFx, operated by Eper Holdings LTD., is 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.

WandaFx provides Forex, Crypto and CFD’s solutions to institutional and private investors. The company is owned and operated by Eper Holdings LTD with registered number 24673 IBC, based in St.Vincent and the Grenadines and Bonvita Partners OÜ with registered number 14443635, based in Estonia. However, we didn’t find any records of Bonvita Partners OÜ in the register of Estonian Financial Supervision Authority, which means the company is not regulated.

As to the offshore-based Eper Holdings LTD., we keep reminding that such offshore zones are famous for their loose legal regimes, tax-free and low-cost licenses. They are basically not licensed, nor supervised by any authority. Also, the company claims to be registered by the Financial Commission. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

Generally, we always advise traders to avoid dealing with unregulated forex brokers, as most of them are involved in investment scams. There are a number of properly licensed brokers to choose from, like the ones regulated by the FCA or the ASIC. You can read our review on this broker here.

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