French Regulators Warn against Five Forex Brokers

The Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de resolution (ACPR) have released a statement warning traders living in France of five online 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 trading firms that have been approaching clients without the necessary license.

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The list compiled by the French regulatory authorities is comprised of the brands MT4 Invest, X90, GSS Financial, Boom Forex, and PROMFX. These companies have not been authorized to offer Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term services in France, and do not appear as registered on the websites of the AMF or the Insurance Bank Epargne Info Service.

The AMF noted that its warning lists are updated regularly as new unauthorized brokerages are added.

The AMF further warned that if an individual or firms fail to appear on the aforementioned lists of registered firms, traders and investors should not register or trade with them as they are acting in violation of French law.

France has been waging war on the marketing practices of online trading companies for about a year now, though it has not banned trading operations themselves. The country has been strict with its banning and blacklisting of binary options and forex brokerages, and reversing such decisions is almost impossible.