Italy’s financial markets and services provider regulator CONSOB has updated its warning list with the brokers who are not licensed to operate in Italy. WeltTrades and Capital Allianze happened to get into the list. These firms have been offering investment services and activities to the Italian public without being authorized in the country.

Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the Italian governmental authority responsible for regulating the Italian securities market. The regulator is also responsible for the Italian stock exchange, the Borsa Italiana.

Are these brokers legit?

WeltTrades claims to be an emerging global market leader in financial trading. it is owned and operated by Game Capital Ads Limited, based and registered in the St. Vincent and the Grenadines. We have previously mentioned that the owner-company Game Capital Ads Limited has been banned several times (by operating other brokers such as 247SmartFx and Pro TradeFX) by other regulatory authorities in other countries.

Capital Allianze is a Forex and CFDs broker, operated by Allianz Capital Ltd., incorporated under the laws of St. Vincent and the Grenadines. The company doesn't provide any information about its authorization. They mention something about MIFID, however there is no registration number or legal documents provided. Offshore registration and the lack of actual regulations are the main flags for the traders. Such brokers should be avoided at all cost.

You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.com.

You can also share your trading experience with WeltTrades and Capital Allianze by commenting on this post.