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CONSOB warns of FxIBA, TradersPrime forex brokers, OptionInt binaries broker

Nov 08 2017
By
Jonathan Smith

Italy’s financial markets and services provider regulator CONSOB has updated its list of forex and binary options brokers who are not licensed to operate in Italy with two new additions.


The first one is the forex brokerage FxIBA, owned by IBA Group Ltd. - an offshore company registered on the Marshall Islands. It seems this is a new brokerage, as we have not come across it before. It claims its head office is in London, but the company is obviously not registered with UK’s Financial Conduct Authority (FCA).


IBA Group is also the owner of a binary options broker on the warning list – OptionInt, which, like almost all binary options brokers is dubious at best, for the simple nature of the binary options brokerages and their bad reputation. Worse still, this one is owned by a virtually unknown offshore company. Besides, this is not the first time CONSOB warns of OptionInt. The last time, however, it was owned by an entirely different company.


The third entry on CONSOB’s list is the forex broker TradersPrime. It also seems to be a new brokerage, but it is allegedly owned by the notorious Black Parrot Limited and Blonde Bear OU, according to the Italian regulator. Those two offshore companies are old acquaintances of the regulators through other brokerages – the infamous Mib700 and Vortex Assets.


Both have been warned against, including by CONSOB, and both have been pointed out as scam by user comments on our page. It is probably not a coincidence that the more recent complaints against both Mib700 and Vortex Assets are in Italian. Our guess is that the same two companies Black Parrot Limited and Blonde Bear OU have set up a new “broker” to continue scamming their Italian clients and hence the new warning.

 

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


Either way, it is better to avoid dealing with offshore brokerages and choose properly regulated and reliable brokers. A good example for such are the ones supervised by the FCA or ASIC.


 

TAGS: consob  italy  optionint  tradersprime  fxiba  blonde bear  black parrot 
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