CONSOB Issues Warnings against Five New Online Trading Brokerages

The La Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian financial watchdog, recently released a warning against four Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options brands which are run by five companies. The firms are as follows: Spot2Trade Ltd., BT Systems Ltd., and CRLink ltd., operating via www.fxcmarkets.com, Keyds Lydya Ltd., and Keyds Scotland LP, which run www.pips-fx.com. The emphasis on the companies’ websites might mean that these will be blocked on Italian servers.

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CONSOB declared that the five firms have not been authorized to operate or offer their services in Italy. The entities have been banned from performing any and all investment related activities, including running an Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term environment. The companies offer forex, CFD, and binary options trading services.

CONSOB is not Done with Blacklisting Brokerages

The Italian watchdog has been running a tight ship when it comes to authorizing online trading companies that are trying to reach local clients. At the end of February, CONSOB alerted the local trading community about GMoption, claimed to be yet another unlicensed binary options firm. The company is operated by owners LinkGM Limited and BT Systems Ltd.

Earlier this month, the Italian regulator further warned against brokerages Up4X and ACG as well. Though Italy has not declared a complete shutdown of online trading as France has, it is far from relaxing its strict attitude towards unregulated firms.