Spain’s regulator warns against UCI and Aspen Holding

November 30, 2019 at 10:55 PM

Spain’s financial markets and services regulator CNMV has issued warnings against two forex brokers UCI and Aspen Holding. According to the public warning notices, 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.

Are these brokers legit?

UCI is an online investment company that aims in providing transparent and quality trading services around the world to cater different clients around the globe. The company claims to be located in Australia, however, they do not provide any information about the regulation or its specific location. Also, UCI seems to be targeting Spanish and German residents, without having any legal right for that.

Aspen Holding is a Forex broker, that also doesn’t provide any information about its regulation or the company behind the brand’s name. The broker claims to have branches in Russia and Malaysia, however, it is not licensed to provide financial services. According to the terms and conditions, the company is actually under the jurisdiction of Bulgaria, but there are also no proofs of this statement on the Bulgarian regulator website. 

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 Regulated Brokers to choose from on our website.

You can share your UCI and Aspen Holding experience with us by commenting on this post.

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