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Austria’s FMA adds forex broker BormanCorp to warning list

 

The Austrian Financial Market Authority (FMA) added unregulated forex broker BormanCorp to its warning list previous week. The regulator stated that this entity is not allowed to trade on a commercial basis on its own account, nor on behalf of others, as these transactions in Austria require a license.

 

Our check of the broker’s website reveals that BormanCorp is allegedly operated by Board LTD, a company registered offshore, on the Marshall Islands. It also features an address in Budapest, Hungary, but doesn’t provide any regulatory information or claim a specific legal status.  The broker offers wide variety of instruments for trade, and seems to focus on cryptocurrencies. Nonetheless, the costs of trading at BormanCorp appear high, especially considering the numerous hidden fees. For further information, check out or detailed review of the broker and its offer here.

 

This warning is yet another case in which Austrian‎ ‎authorities have ‎stepped up to alert the public about illegal forex and cryptocurrency brokers. Like other European regulators, the FMA regularly issues warnings against companies and/or websites who operate on the local market without its authorization. The Australian financial watchdog also performs large number of investigations and enforcement actions into multiple scams and fraudulent operations on financial markets.

 

TAGS: FMA  BormanCorp  Austria  warning  scam 
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