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Millennium FX, Tradovest and ForexGrand end up on CNMV’s warning list

 

Unregulated forex brokers Millennium FX, Tradovest and ForexGrand have been the latest additions to the warning list of Spanish financial watchdog, the Comision Nacional del Mercado de Valores (CNMV). According to the CNMV, these entities are not authorized to provide investment services in the country.

 

Allegedly based in the UK, Millennium FX seems to target mainly Spanish-speaking investors (its website is available mostly in Spanish). Yet, the company behind it is not licensed by the UK’s Financial Conduct Authority (FCA), nor by any other financial authority. So, the broker is not entitled to operate on any regulated financial market, including in the EU. 

 

The other broker blacklisted by the CNMV, Tradovest, is one of the many brands of Celestial Trading ltd. - a company registered on the Seychelles. Other brands run by this firm include TradeInvest90, which was flagged by the Austrian regulator FMA, and Xmarkets, against which the UK’s Financial Conduct Authority has issued a warning.  

 

Having a lot of different trading names or frequently changing them is not uncommon among companies involved in financial scam. Considering the number of complaints and negative comments on Tradovest, it is more likely a fraudster.

 

Actually, the same applies to ForexGrand - a broker, operated by Nordic Pearl Limited, which has a very bad reputation.  The broker seems to be based in Bulgaria and while financial regulation there is solid, it is not regulated by the local Financial Supervision Commission, nor by any other regulator.  The company was also blacklisted by the Italian regulator, CONSOB.

 

The Spanish regulator maintains a register with financial services providers authorized to operate in Spain and regularly updates its warning list. All brokerages targeting local investors need a license by the CNMV or the relevant authorities of any other EU member state. We strongly advise traders to select among brokerages authorized by reputable regulators, such as EU ones (FCA, CySEC) or Australia’s ASIC.

 

TAGS: CNMV  warning  Millennium FX  Tradovest  ForexGrand  Spain  scam 
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