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Austrian financial regulator blacklisted Tradeinvest90, FX Market Pro, and KontoFX

Feb 14 2019
By
Jonathan Smith

 

 The Austrian Financial Market Authority (FMA) added Tradeinvest90 to its warning list on Wednesday. Earlier this month the regulator flagged other two unregulated forex brokers - FX Market Pro and KontoFX. The FMA stated that these brokerages is not allowed to trade on a commercial basis on its own account, nor on behalf of others, as these transactions in Austria require an authorization.

 

KontoFX (www.kontofx.com) is allegedly operated by Estonian NTMT Transformatic Markets OU, but is not licensed in Estonia, nor anywhere else. The broker is also associated with Hungary-based Northside Business Centres, as well as Russian company ООО «САМДАР». The latter is affiliated with a number of shady  unregulated brokers such as Monetex, Cryptop Market, and Mcoinmarket.

 

If you care to take a look at the comments submitted to our review on KontoFX, it appears that this broker has scammed a whole lot of investors. It was also blacklisted by UK’s Financial Conduct Authority (FCA) in October last year.

 

TradeInvest90 is an unregulated forex and binary options broker operating via the www.tradeinvest90.com website. According to the FMA, it is operated by Celestial Trading Ltd. Previously, the broker claimed it is owned and managed by Capital Force ltd, a comp0any allegedly located at Beach Road, Apia, Samoa.

 

It seems that Fx Market Pro has also changed its owner, or at least the company featured on their website. Currently, www.fxmarketpro.io claims that the broker is a trading name of Velmon Enterprise Ltd, which is registered offshore, on the Marshal Islands, and is not entitled to operate in Europe or on any other regulated market. Previously, the broker’s website featured the names of two other companies: Marshal Islands registered Thinking Ahead Limited and Bulgaria-based Kitano Limited (also associated with SwissCCI).

 

This warning is yet another case in which Austrian‎ ‎authorities have ‎stepped up to alert the public about forex and binary options brokers illegally operating in the country. Like other European regulators, the FMA regularly issues warnings against companies and/or websites operating 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  warning  Tradeinvest90  FX Market Pro  KontoFX  Austria  scam  regulation 
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