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Austrian financial regulator blacklisted EZCryptoplace and TradeToro

 

The Austrian Financial Market Authority (FMA) blacklisted unregulated brokers EZCryptoplace and TradeToro earlier this week. The FMA stated that these entities are not entitled to trade on a commercial basis on their own account, nor on behalf of others, as these transactions in Austria require a license.

 

EZCryptoplace is owned and operated by Bitcom Limited, an offshore company registered in St. Vincent and the Grenadines (SVG). Another brand related to this company, Coinbrokerz, has been blacklisted by the UK’s Financial Conduct Authority (FCA). Offshore brokers are not entitled to operate on any regulated financial market, including in all EU Member States.

 

The same applies to the other forex broker blacklisted by the Austrian FMA – TradeToro. According to the current information on the broker’s website, it is owned by Ivory Group Limited, a company operating out of Dominica. Previously, TradeToro claimed to be a trading name of Estonian based Bravos OU. Either way, both companies are not regulated and actually may not exist at all.

 

If you care to take a look at the comments submitted to our reviews on both EZCryptoplace and TradeToro, it appears that these brokers have scammed a whole lot of investors. As always, our best advice to investors is to avoid all brokers operating without valid licenses and always check the company names in the registers of the respective financial authority.

 

The Australian financial watchdog regularly carries out investigations and enforcement actions into multiple scams and fraudulent operations on financial markets. It also issues public warnings against unregulated financial services providers on a regular basis. Previous month the FMA blacklisted Stella Markets.

 

TAGS: FMA  warning  EZCryptoplace  TradeToro  Austria  scam 
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