Spain’s CNMV warns of unregulated forex broker Swiss Markets

September 7, 2018 at 10:55 PM

Spain’s financial regulator CNMV has issued a warning against an unregulated forex broker Swiss Markets. According to the CNMV, this brokerage is not authorized to provide financial or auxiliary services 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 broker operates on the website global.swissmarkets.com and offers Forex and CFD trading. There are two companies behind this brand. BDS LTD is an International Business Company that operates Swiss Markets, based in Seychelles, which means it is an offshore entity and there is a high risk for the customers when dealing with this firm. The second company is BDS Markets. It is based in Mauritius and authorized and regulated by the Mauritius Financial Services Commission. The website also mentions different contact numbers in different countries (United Kingdom, Germany, and Spain), and probably the company has been targeting residents of these countries. Although, 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. There are a few mentions found on the net about Swiss Markets being regulated by CySEC, but no records about this company in CySEC Register. 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 the United Kingdom and ASIC in Australia. You can read our review on this broker here.