Spain’s CNMV warns against RoyalFXtrade and MCI Investments Apr 29 2020 By Jonathan Smith
Spain’s financial regulator, the Comision Nacional del Mercado de Valores (CNMV), warned against RoyalFXtrade , MCI Investments, and a bunch of other unregulated brokers earlier this week .The official warning reads that ” these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services .” What is worse, our investigation revealed that both brokerages are most likely scammers, trying to rip off investors, without even offering real trading activity.MCI Investments says to be owned and operated by FX Limited, a company allegedly registered in the Marshall Islands.First of all, this doesn’t sound like a real firm.
And second, brokers registered offshore are not entitled to operate in the EU, USA, Canada, or another regulated financial market.Besides, MCI Investments hasn’t even put much effort into appearing legit – parts of its website are copy-pasted, and we didn’t access any trading platform even after signup.And the case with RoyalFXtrade appears even worse – the broker’s website is completely anonymous, and they don’t even offer a real trading platform.
Spain’s CNMV regularly issues warnings against unregulated brokers targeting local investors.
Earlier this month the regulator blacklisted Gorise Markets, 10Crypto, and MarketsFX .The commission also maintains a register with investment companies that are authorized to operate in Spain.In order to operate legally in the country, forex brokerages need a license by the CNMV itself or the relevant authorities of another EU Member State.Facebook’s Libra proposes multiple single currency stablecoins Apr 27 2020 14:21:14
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dollar.Read more Italy’s CONSOB blacklists Tradefxzone and FXtrading Corp Apr 27 2020 13:32:57
Unregulated forex brokers Tradezone24 (Tradefxzone) and FXtrading Corp are some of the latest additions to the warning list of the Commissione Nazionale per le Societa e la Borsa (CONSOB).Read more Judge orders arrest of former US senator involved in “Meta 1 Coin” scam Apr 23 2020 11:15:54
A federal judge in Texas issued warrants for the arrest of former Republican Washington state Sen.David Schmidt and Robert Dunlap, who have been charged with $4.3 million ICO scam.
The two men failed to appear at a hearing with the U.S.Read more Belgium’s FSMA also warns of coronavirus scams Apr 21 2020 17:58:30
The Financial Services and Markets Authority (FSMA) in Belgium warns the public against scams exploiting the current situation of economic uncertainty due to the spread of the coronavirus.Read more FCA reports drop in forex and CFD complaints Apr 16 2020 20:49:33
The Financial Conduct Authority (FCA) in the UK surprisingly reported fewer forex and CFD complaints in the second half of 2019, compared to the same period the previous year.Read more CoinBits and Trendingraphs end up on FCA’s warning list Apr 15 2020 15:43:40
Some of the latest editions to the warning list of the UK`s Financial Conduct Authority (FCA) are unregulated brokers CoinBits and Trendingraphs.
The regulator said that these entities have been providing financial services or products in the UK without its authorization.Read more ASIC focuses on customers, who might get victims of corona scams Apr 14 2020 23:56:16
The Australian Securities and Investments Commission said it will focus on efforts to protect consumers vulnerable to scams relating to the current situation with the coronavirus pandemic.Read more The FBI follows suit, warns against COVID-19 related scams Apr 14 2020 15:49:14
A number of financial regulators have lately warned the public of the rising number of COVID-19 related scams, and the US Federal Bureau of Investigation (FBI) followed suit on Monday.Read more CONSOB also warns against coronavirus scams Apr 13 2020 22:20:33
The Italian financial authority, CONSOB also has warned the public that the coronavirus pandemic provides scammers with a suitable opportunity for spreading false or misleading information with the purpose of taking an unfair profit out of the fears related to disease.
Read more FCA warns of Instagram forex scams Apr 08 2020 23:42:37
The Financial Conduct Authority (FCA) in the UK is warning the public of an emerging trend of scam brokers, that use social media like Instagram and Facebook, luring investors with lucrative offers of fast and easy returns..
