Spain’s CNMV warns of unregulated forex broker UproFX
Spain’s financial markets regulator, CNMV, has warned of Forex broker UproFx. According to the official notice on CNMV’s website, this entity is not registered in the corresponding registry of the commission and, therefore, are not authorized to provide investment services.
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.
UproFX is a Forex and CFDs brokerage. According to the website, UproFx is owned by Yield Enterprise Currency Software OÜ (company number: 14484668), Tallinn, Estonia and operated from Riga, Latvia. The government of Estonia allows forex trading within the country for those brokers authorized by the local regulator Financial Supervision Authority. However, we didn’t find any mention of UproFX or Yield Enterprise Currency Software OÜ in regulator’s register.
To add up, we have found numerous negative reviews from UproFX customers on the net. People state that they cannot get their money back and the company refuses to provide any kind of help.
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.