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Italian regulator orders unregulated brokers CryptoCapitalFX, OnlyTrades, and Nasdaq 500 to cease operations

 

Italian regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) warned that CryptoCapitalFX, OnlyTrades, and Nasdaq 500 are not licensed to provide financial services in the country, and ordered them to cease operating in Italy

 

Forexbroker.com has spotted and warned against all three brokers flagged by CONSOB, highlighting a number of red flags regarding each one of them. The first broker the Italian regulator blacklisted this Monday, CryptoCapitalFX (it.cryptocapitalfx.com) also has another website - cryptocapitalfx.com, where it claims to be owned and operated by Eternity Capital Management Ltd., a company authorized by the Cyprus Securities and Exchange Commission (CySEC). However, none of the two websites of CryptoCapitalFX is present in the list of approved domains in CySEC’s register.

 

Furthermore, CryptoCapitalFX’s MetaTrader4 is provided by the notorious West Media Group Limited – a company that partners with other unregulated brokers like FirstBTCfx, WinCapitalPro, SmartProFX, 360SmartFX, CapitalFXClub, FirstFXClub, CapitalBTCfx, CryptoClubFX, SmartBTCfx, GameBtcFx, and more. The websites and trading conditions of some of these brokers are almost identical, and we believe they are involved in some serial scam scheme.

 

The other broker blacklisted by CONSOB, OnlyTrades, now claims to be operated by Safe Trade Ltd. with declared offices in the Republic of Vanuatu, a popular offshore zone. Previously, the firm name mentioned on the broker’s website was Marantino Capital, which is registered in Malta. However, the local financial watchdog, MFSA, has also issued an official warning against OnlyTrades.

 

Furthermore, if you care to go through the user comments to our review of OnlyTrades, you would probably not dare to invest a single dollar with this con-artist, which has obviously ripped off a number or traders.

 

Nasdaq 500 is also an offshore broker, owned and operated by Empika Enterprise Ltd., a firm registered on the Marshall Islands which does not have a license by any official financial regulator, and is therefore not allowed to target Italian and European investors in general.

 

Unfortunately, the forex market is full of fraudsters trying to swindle naive and misinformed investors in every possible way. That is why we advise our readers to invest only in properly licensed companies and to check carefully in the respective registers in order to minimize the risk of foul play as much as possible.

 

 

>> Forex brokers authorized to operate in Italy <<

 

TAGS: CONSOB  CryptoCapitalFX  OnlyTrades  Nasdaq 500  warning  scam  Italy 

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