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

 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 
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