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Italy’s CONSOB warns of 4 offshore forex brokers, 1 trading bot

Mar 23 2018
By
Jonathan Smith

Italy’s financial markets and services regulator CONSOB has issued a warning against four unregulated offshore forex brokers and one trading robot and has ordered them to cease the infringement of the Italian law.


Three of the four forex and CFD brokers Milton Group Ltd / Kyoto Limited Ltd (www.investingpro.com) - Velmon Enterprise Ltd (www.novuscm.com, www.novuscmit.com) and IBA Group Ltd (www.fxiba24.com) are all registered on the Marshall Islands, which is an offshore zone, often a home to scam brokers who use the lax registration requirements and the almost non-existent regulation there. All three companies are registered on the same address on the Marshall Islands and it is quite likely that it is one and the same company, claiming different names.


The fourth forex broker - Capzone Invest Ltd (www.hqbroker.com) – claims to be based in Hong Kong, but our search in the public registry of regulated companies by the Hong Kong Securities and Futures Commission (SFC) did not return any results.


The fifth company on CONSOB’s list - Elect Capital (elect.capital) is cryptocurrency trading robot that purportedly brings high profits, even to the completely inexperienced traders. It claims to have 17 years of experience and a nice professionally done promotional video. However, according to several reviews, and a number of user comments on its Facebook page, Elect Capital is a Ponzi scheme and a scam.


We advise our readers to avoid dealing with offshore and/or unregulated companies and to avoid the trading robots that promise unrealistic profits, as most often they are a scam.


TAGS: consob  warning  elect capital  hqbroker  investingpro  velmon enterpries  fxiba24 
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