Sponsored By
de | cn | ru

Market News

Brazil's CVM warns of forex brokers OctaFX, Forexent

The Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM), has warned against two unregulated forex brokers OctaFX and Forexent.


According to the publication, neither of them is authorized to provide services on trading in securities in Brazil.


OctaFX is an offshore forex broker based in Saint Vincent and the Grenadines. It used to be regulated by UK's Financial Conduct Authority (FCA), but not anymore. It is not regulated by SVG's Financial Services Authority, either. Our check revealed that the site octafx.co.uk, which was of the FCA-regulated entity, now redirects to octafx.com of the SVG company.


The case with Forexent is a bit more complicated. It is owned by the company G44 Forexent International FZC, which is registered in the UAE. It, however, does not seem to be properly regulated. The broker offers money management trading accounts of the PAMM type and claims to be a partner of Swissquote and the Dubai-based CFMerchants. Swissquote is a well-established, reliable and properly regulated broker, however CFMerchants does not appear to be regulated neither by the Dubai Financial Services Authority, nor by any other regulator.


Generally, investing through PAMM accounts is fairly risky, especially with an unregulated company like Forexent.


The regulation of the forex industry and the financial markets in Brazil is carried out by two entities: the Central Bank of Brazil and the Brazilian Securities Commission. The c-bank is responsible for the regulation requirements and overseeing the activities of the forex brokers and only those who are licensed by it, can offer their services in Brazil. On the other hand, the CVM is responsible for ensuring the proper functioning of over-the-counter financial markets and exchanges, the protection of securities holders and consumers against fraud. The CVM is also has the jurisdiction to investigate and punish irregularities on the market.


Despite being an attractive market, due to the tight regulation, there are only a handful of licensed forex brokers operating in Brazil, one of them being Saxo Bank. There are also licensed commercial banks offering such services.



TAGS: brazil  cvm  warning  octafx  forexent 
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec, FCA MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Australia ASIC MT4, MT5,
$200 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

More Forex Market News

Italy’s CONSOB warns of 4 offshore forex brokers, 1 trading bot

Mar 23 2018 14:53:40

Italy’s financial markets and services regulator CONSOB has issued a warning against four unregulated offshore forex brokers and one trading robot and has ordered them to cease the infringement of the Italian law. Read more

UK’s FCA warns of forex broker BECFD

Mar 23 2018 12:35:56

  UK’s Financial Conduct Authority (FCA) has published a warning against forex brokerage BECFD. According to FCA, the broker, operating via the website becfd.com, has been targeting UK without their authorization. Read more

FCA warns of Plusoption binary options broker

Mar 13 2018 14:42:24

 UK’s Financial Conduct Authority (FCA) has warned that the company Tradeplus Solutions is offering financial services to UK clients without the necessary authorization and that it may be a scam.   According to the FCA, the company operates the binary options brokerage plusoption. Read more

FCA to change license requirements for STP forex brokers – media

Mar 07 2018 14:24:55

UK’s Financial Conduct Authority (FCA) is looking into forcing the straight-through processing (STP) forex brokers to upgrade their licenses to those for full market makers, reports Finance Magnates. Read more

Hong Kong’s SFC warns of IMS FX, TechoFx

Mar 06 2018 08:57:42

 Hong Kong’s Securities and Futures Commission (SFC) has issued a warning against the forex brokers IMS FX and TechoFX. Both are claiming to have addresses in Hong Kong, but the former’s claim is false, while the address of the latter belongs to a secretarial company. Read more

Belize’s IFSC alerts that FX Broker Pro is not licensed

Mar 02 2018 13:17:24

  Belize’s financial services regulator, the International Financial Services Commission (IFSC) has warned that the forex broker FX Broker Pro is not licensed, nor regulated by it. Read more

UK’s FCA warns against forex broker SolidCFD

Feb 28 2018 15:03:36

  UK’s Financial Conduct Authority (FCA) has issued a warning that the forex broker SolidCFD, which is not licensed to offer its services in the country, but has been targeting local investors.   It operates via the solidcfd. Read more

Out with the old, in with the new: Could digital currencies replace fiat money?

Feb 21 2018 15:41:59

  In 1971, US President Richard Nixon suspended the convertibility of the dollar into gold and pitched a stone into the relatively calm waters of the global economy. Read more

CONSOB issues cease orders against several forex, binary options brokers

Feb 20 2018 09:24:27

 Italy’s financial markets and service providers regulator CONSOB announced it has issued cease orders against several forex and binary options brokers that are operating in violation of Italian law. Read more

Switzerland’s FINMA warns of forex broker ProfitTrade24

Feb 19 2018 08:26:09

 Switzerland’s financial markets and services regulator FINMA has issued a warning against the forex broker ProfitTrade24. Read more

de | cn | ru