de | cn | ru

Market News

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

Jun 17 2019
By
Jonathan Smith

 

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 

Related forex news

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 ASIC 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
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

More Forex Market News

Arsenal will partner with Global Kapital Group

Sep 20 2019 17:16:28

English Premier League football club Arsenal will partner with Global Kapital Group, which owns several forex and CFD brokers including GK Pro (formerly known as GKFX), GKFX Prime and GK Invest. Read more

SEC accused Mediatrix Capital of $125 mln Ponzi scheme

Sep 19 2019 16:46:45

Mediatrix Capital, which claimed that its clients profited for 5 consecutive years without a single monthly loss, and which also was awarded as the Best Family Office Asset Manager in Monaco, is now been accused by U.S. Securities and Exchange Commission (SEC) of running a Ponzi scheme. Read more

Germany will block Facebook's Libra

Sep 18 2019 17:13:56

This time it was the German government, who delivered yet another blow to Libra, the Facebook backed stable coin, that is planned to be launched in 2020. Read more

Facebook assures central banks not to fear Libra

Sep 17 2019 17:23:34

Facebook reassured world central banks that Libra, the new stable coin the social media giant plans to launch in 2020, will not replace sovereign currencies like the U.S. dollar or the Euro, and will not threaten the central banks’ control over money creation. Read more

Philippine police arrests 277 employees in connection to a forex scam

Sep 16 2019 17:33:44

Acting on a tip from the Chinese intelligence agency the Philippine police has arrested 277 Chinese nationals working for online forex and crypto scammers. Read more

FCA prepares for a no deal Brexit

Sep 12 2019 17:05:09

The Financial Conduct Authority (FCA) in the UK has opened an emergency phone line (+44 800 048 4255), as well as a series of specialized information websites that are intended to help the financial sector cope with the possible consequences of a no deal Brexit. Read more

Police in Taiwan warns of forex scams on dating websites

Sep 11 2019 14:08:40

The Criminal Investigation Bureau (CIB) in Taiwan warns of a new wave of investment scams on dating and chat websites, featuring a case of a man who lost over 4 million Taiwanese Dollars (128 000 USD). Read more

The Marshall Islands launches a sovereign crypto coin

Sep 04 2019 16:57:05

The Marshall Islands, the small Pacific nation that is also a favorite offshore destination for many brokers that prefer to avoid the strict regulations in Europe, the U.S. Read more

Dutch authorities to regulate all crypto dealing firms

Sep 03 2019 13:43:03

The Dutch Central Bank announced new rules for all companies dealing with crypto currencies that will take effect from January 2020. Read more

Ex-BinaryBook employee sentenced to a year in prison in the US

Sep 02 2019 14:26:10

  Israeli binary options operative Lissa Mel pled guilty to her role in $145 million scam scheme, and was sentenced to a year in prison and $288 024 in restitution to victims by a US federal court previous week. Read more

de | cn | ru