de | cn | ru

Market News

Italy’s CONSOB blacklists unregulated brokers FSMSmart, Dax1001, and Capital4bank

Feb 25 2019
Jonathan Smith


The latest additions to the growing warning list of Italian financial regulator CONSOB include unregulated brokers FSMSmart, Dax1001, and Capital4bank. Not only that, but CONSOB also ordered all of them to discontinue offering investment services and activities to the Italian public without an authorization.


None of the above-mentioned brokerages is licensed, and therefore they are not entitled to operate in Italy, the European Union in general, nor on any other regulated market.


FSMSmart is operated by offshore company FSM Smart Limited. The broker’s reputation is rather bad (considering the number of negative user comments on our website) and the company already present in the warning lists of several other regulators. FSMSmart was blacklisted by Switzerland’s financial markets and services regulator FINMA (as the broker’s website actually features contact address in Lucerne, Switzerland), as well as by the Canadian provincial regulator Manitoba Securities Commission (MSC).


Capital4bank is also an offshore broker. It is allegedly owned by Capital Com Investment LTD, registered in St. Vincent and the Grenadines. Furthermore,  the broker’s presentation  (About Us section of the website) is exactly the same way as  those of 4xbrands, 4xbankers, Tradeu2 and a number of other shady brokerage brands. Actually, their trading conditions and account types are almost identical too, which inclines us to suspect that the people behind those brokers are the same. Having different brand names and domains is a popular scam tactic.


The website of Dax1001 features two company names: One Thousand One Ltd, registered in the Marshall Islands, and Bulgarian One Lable limited. None of them holds a valid forex broker’s license. Besides, although the broker offers trading on the MetaTrader4, its spreads are higher than the average.


In Italy, as in any other EU Member State, financial intermediaries are not allowed to operate without proper authorization issued either from the local authorities, or from any financial regulator of another EU country. When engaging with brokers that do not operate on the grounds of a valid license, issued from a trustworthy authority, traders are putting their investments at higher risk.


Below, you can find some of the best forex brokers legally operating in the Italy.



>> Forex brokers authorized to operate in Italy <<



TAGS: CONSOB  warning  FSMSmart  Dax1001  Capital4bank  Italy  scam 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
$100 Review Website
Australia ASIC MT4, MT5,
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$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 MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
$200 Review Website

More Forex Market News

Australia to cap leverage at 1:20 and ban binary options

Aug 22 2019 12:18:25

  The latest major forex hub which allowed retail clients to use higher leverage, Australia, is about to cap leverage at 1:20, and ban binary options altogether. Read more

New Zealand’s FMA blacklists Profitix and Dang Kang

Aug 21 2019 12:33:57

    Unregulated Forex brokerages Profitix and Dang Kang International Group have been blacklisted by the New Zealand’s Financial Markets Authority (FMA) on Wednesday   The official warning against the first entity – Profitix - reads that individuals from the bro... Read more

Malta restricts CFD sale to retail clients permanently

Aug 20 2019 16:28:19

The Malta Financial Services Authority (MFSA) adopted permanent rules restricting the marketing, distribution or sale of CFDs to retail clients. Read more

$3,5 bln Bitcoin Ponzi scheme Plus Token pressures the markets

Aug 15 2019 17:42:11

The fraudsters behind the China based Ponzi scheme Plus Token are dumping bitcoins worth over 3.5 billion USD on exchanges around the globe, and that is creating a selling pressure on the markets, venture capitalist Dovey Wan warns. Read more

Spain’s CNMV blacklists EurTrades, Trade100, and Key Markets

Aug 14 2019 13:54:57

  The Comision Nacional del Mercado de Valores (CNMV) updated its warning list on Wednesday with several offshore brokers - EurTrades, Trade100, and Key Markets. These entities are not authorized to provide investment services or investment advice in Spain, the CNMV said. Read more

Former binary options broker iTrader to be indicted in Israel

Aug 13 2019 14:07:37

  Israel’s state prosecutor announced that it intends to indict the company behind former binary options broker iTrader, its owner and senior officials, on charges of aggravated fraud and providing investment advice without a license. The company Gal Media Trade Ltd. Read more

CySEC warns of fake recovery agents claiming to be its employees

Aug 12 2019 20:32:52

  The Cyprus Securities and Exchange Commission warned against fraudsters impersonating its officers who are running a recovery room scam. Read more

Aussie crypto scam worth A$2.7 million busted, five arrested

Aug 08 2019 15:46:37

  A criminal group in Gold Coast, Australia were arrested for allegedly scamming over 100 Australians with A$2.7 million in cryptocurrency investment. Read more

EtherDelta investigated for exit scam

Aug 07 2019 12:01:50

  Chinese police are reportedly taking legal action against cryptocurrency exchange EtherDelta in connection with an alleged exit scam.    The news was actually reported in a series of tweets by the ex-owner and founding partner of the exchange Dovey Wan. Read more

BaFin warns against 4xincome, orders it to cease operations

Aug 06 2019 15:44:28

  The German Federal Financial Supervisory Authority (BaFin) blacklisted unregulated forex broker 4xincome and ordered it to cease operation in the country. The regulator said that this broker offers German clients trading in forex and various CFDs thorough its website 4xincome. Read more

de | cn | ru