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Italy's CONSOB warns of Iforex24 forex broker

 Italy's financial markets and services watchdog CONSOB has issued a warning that the offshore forex broker Iforex24 is not licensed to provide services in Italy.

 

The regulator does not provide much additional information, but our check on the broker's site reveals that it is yet another one registered on the Marshall Islands. Much like Vanuatu, the group of Pacific atolls is the preferred location for unregulated and outright dubious forex and binary options brokers.

 

Iforex24 gives a UK contact number, but as we know, the physical location of the support center can be pretty much anywhere in the world. On top of that, the broker claims to have “international offices”.

 

The website looks nice, but the external links (i.e. the links to the mobile trading apps, social networks, etc.) do not work. Judging by the language options, the broker is mainly targeting Italian- and German-speaking clients. On the other hand, the broker says it also accepts Polish Zloty.

 

There is also a curious little risk at the bottom of the page: “You should understand in full that trading, investments and similar operations are regulated in a different way, throughout the world. The fact that you can access our website and use the tools iForex24 offers doesn’t necessarily mean that it is legal in your country to do so.” Not a single word of the risks of losses. Not a single word of a license either.

 

We find it somewhat amusing that it looks like Iforex24 is trying to mimic the name of the Cyprus-regulated forex broker iForex.

 

Either way, Iforex24 looks rather dubious and it is better to be avoided. There are forex and CFD brokers regulated by reputable watchdogs like UK's FCA or the Australian Securities and Investments Commission (ASIC) that are less risky.

 

 

TAGS: iforex24  italy  consob 

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