de | cn | ru

Market News

CONSOB warns of 10brokers, Gallant Finance, CMB, Lockwood, FXTrade777 forex brokers

Nov 03 2017
By
Jonathan Smith

 Italy’s financial markets and services providers regulator CONSOB has issued a warning against five forex brokerages: 10brokers, Gallant Finance, Capital Markets Banc, Lockwood and FXTrade777.


According to the watchdog, neither of them is authorized to provide financial services in Italy.


The user comments under our review of 10brokers demonstrate that the company has been scamming Italians for quite a while and we are honestly wondering why it took CONSOB so long to issue a warning against it. Furthermore, we wonder why the regulator is only saying the company is not authorized, when it is pretty clear it is a scam. According to our review, 10brokers is owned by KHO TEHCH Ltd., but it seems that it has changed hands, as now it says it is owned by an Estonia-based company - Nostro Technology OU. It claims it is registered with “Private Investor Protection for Securities and Exchange Independent Registration for Financial Service Companies”. It is not entirely clear what exactly this is.


Capital Markets Banc (CMB) is an offshore brokerage and we have quite a few complaints against it, too. Clients claim they cannot withdraw their funds and are constantly pressed by the broker to deposit more and more. Those are among the most common tactics used by scam brokerages and are hardly surprising.


Gallant Finance does not provide much information about itself, but its logo and name are uncannily similar to that of Gallant Capital Markets (GCMFX) – an offshore broker that went bankrupt in April 2017.


The other two forex brokers in CONSOB’s warning Fxtrade777 and Lockwood Investments are also offshore and are most likely also a scam.


We advise our readers to always deal with reliable and properly regulated forex brokers and avoid offshore companies.


>> See our list of FCA regulated forex brokers <<


There are serious regulators, like UK’s FCA or the ASIC, and there are the regulators of various offshore zones that in practice are not exercising any oversight over their charges.

TAGS: italy  consob  10brokers  Gallant Finance  CMB  Lockwood  FXTrade777 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

CFTC warns about 20 new forex and binary options scams

Dec 06 2019 17:46:44

The US Commodity Futures Trading Commission (CFTC) updated its warnings list with twenty new forex and binary options scam websites, bringing the total blacklisted websites to nearly 150. Read more

Thai authorities seize over 15 million baht from Forex-3D scammers

Dec 06 2019 10:38:02

  Officials from the Thai Department of Special Investigation (DSI) seized over 15 million baht from the owner of Forex- 3D Ponzi scheme and his associates, the Bangkok Post reported on Thursday. Read more

EU finance ministers agreed to block Libra

Dec 05 2019 13:46:59

EU finance ministers have agreed that  private digital currencies like Libra – the crypto coin Facebook plans to launch in 2020, should not be allowed in the European Union until all possible risks are identified and properly addressed, Reuters reports. Read more

CFTC looks for a binary options scammer who defrauded investors with $3,8 mln

Dec 03 2019 17:20:38

The United States Commodity Futures Trading Commission (CFTC) apparently can not locate Peter Szatmari, who defrauded nearly 4 million USD from binary options investors. Read more

Bulgarian court allows the extradition of Gal Barak to Austria

Dec 02 2019 17:51:14

After a successful operation of the police in Austria, Germany, the Czech Republic and Bulgaria has lead in February to the arrests of several financial executives, among which the Izraeli citizen Gal Barak, who is charged of orchestrating an online trading scam, that allegedly has defrauded Europea... Read more

Italy’s CONSOB blacklists EvolutionBrokers and KapitalSwiss

Dec 02 2019 15:30:33

   Italy's financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) has blacklisted a bunch of unregulated brokers today, including EvolutionBrokers, and KapitalSwiss. CONSOB also ordered internet providers to block access to their websites. Read more

91 arrested in Indonesia over an online investment scam

Nov 29 2019 10:32:00

The Indonesian police has arrested 85 Chinese nationals and 6 Indonesians over an online scam that defrauded victims of over 36 billion Indonesian rupiah (2,56 million USD). Read more

Second person arrested in connection to OneCoin money laundering

Nov 28 2019 17:36:36

David R. Pike, a chief operating officer of Fenero Funds was arrested by the U.S. authorities in connection to laundering some 400 million USD, stolen through the notorious OneCoin Ponzi scheme.   Pike appears to have worked with the convicted OneCoin layer Mark S. Read more

UpBit hacked for $50 mln

Nov 27 2019 17:05:16

After a hacker attack South Korean crypto exchange UpBit has lost some 342 000 Ethereum (ETH) coins, equal to well over 49 million USD. The exchange has assured its clients that the loses will be covered by its own assets, but for the time being all withdraws have bees suspended. Read more

Charles Schwab buys TD Ameritrade for $26 bln

Nov 26 2019 18:01:43

Expected to be finalized in late 2020, the merger between two of the leading U.S. brokerage houses will create a mammoth company that will be in the position to challenge major financial rivals. Read more

de | cn | ru