The Spanish authority body, CNMV, is pretty active regarding its duty of regulating Forex and CFD brokers. They’re also pretty busy when it comes to banning fraudulent companies and keeping Spanish citizens safe.
This detailed list of CNMV warnings from January 2023 will tell you all you need to know about brokers to avoid. Some of them are clones; some are unlicensed or offshore. Let’s take a look.
During January, we received warnings against several different trading entities. We’ll take a closer look at each of them and elaborate on the reasons for such a decision.
InvestDayFX is a trading brokerage whose domain was registered on the 19th of July, 2022. The company has no valid financial license and doesn’t display any relevant information for investors.
Currently, if you want to visit the site, you need to register and provide the company with all your personal information. This is a bad sign as this information can be misused later, and your data can be sold to other trading companies or businesses.
Axios Holding presents itself as a fintech hub and an investment company. The firm says to own equity and debt interests in a range of financial technology companies.
However, their business is far from transparent, and we’re unsure if you can or cannot place any trades or investments. It’s entirely possible that this is a Ponzi scheme where you’ll be promised a certain ROI and never hear from the people behind the website.
GrowUp is a financial intermediary whose website has been shut down. Once we checked, our browser warned us that the site had no SSL. Upon continuing to access it, we received error 404.
Whatever services the site was offering, it doesn’t do so currently. However, scammers tend to return under a new name but with an identical plot. If you find anything remotely similar to GrowUp, it’s important to report it.
Here we have an attempt at a clone firm. Namely, markets-vip.com is trying to convince Spanish customers to be part of Safecap Investments Limited, a legit, CNMV-regulated trading brokerage.
With the recently fallen crypto giant FTX, we’ve got numerous scams around it. Many people have tried to exploit those who have already lost their money and promise them quick recovery for a certain price.
While we all know about AVA Trade, a legit trading brokerage, we’ve never heard of AVA Investments. The company claims to be part of AVA Investments Group as well as Pacific Consulting Co Ltd.
The firm offers automated trading services. Since we all know plenty of signal sellers and bot offers are not genuine, we checked AVA Investments’ reviews. As you can guess, there’s a good reason this fraudulent firm is placed on the CNMV warnings list.
BancFX is an Ikraso Holdings Ltd brand registered in Saint Vincent and the Grenadines. As we all know, this island has no regulator overseeing the activities of FX and CFD brokers, making their existence practically invisible to authorities.
Their other parent firm is Ikraso Systems OU, registered in Estonia. Knowing that Estonia is a hub for unregulated financial businesses and money laundering services within the EU, this didn’t make us any more confident. Hence their presence on the CNMV warnings list.
Cleverly combining the names of Bitcoin and CEX, one of the largest crypto exchanges, BTCEX runs on their fame. The site looks like a CEX exchange offering crypto trading services.
However, it is entirely anonymous, without the owner’s name or legal jurisdiction. Whenever you stumble upon an anonymous offer, you should quit before you even start.
InnoTrade is another offshore broker stationed in Saint Vincent and the Grenadines. The brand owner is Lissome Group LLC, registered in 2022. However, this registration is worth nothing without a license. And InnoTrade here doesn’t have one.
The first concerning thing about EverFXPro is their unsafe website. All your data, including passwords and credit card information, can be stolen without SSL.
The company claims to be a brand owned by Everfxpro Ltd without specifying legal jurisdiction. However, we can see all the hallmarks of fraud, including trading bonuses and guaranteed profits.
MyForexFunds is a prop firm allegedly based in Canada. The company says they don’t need financial regulation as they don’t request capital but offer its funds to experienced traders to enlarge the sum. Then, customers are entitled to a certain percentage in return.
Note that each financial intermediary needs to be regulated, whether offering investments through clients or their own capital. This is the main reason for the CNMV to add the firm to its list of warnings.
Azimuth Trade is an unregulated, anonymous financial entity. For their HQ, the website states “adress.” It seems that, besides the fact that they’re hiding their office, they cannot even spell correctly.
All in all, the firm requests a high initial deposit of $500 without any legal coverage. In return, they promise nice amounts that they surely cannot deliver.
As the name suggests, CryptoTradeTech offers crypto trading services through their dedicated WebTrader. The company says to be founded in 2009 as CryptoTradeTech Trading Group. However, our search yielded no results. All the phone numbers on the site are fake and we were unable to find an official address. All displays of unregulated fraud.
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