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Spain’s CNMV blacklists unregulated brokers Financika and Hybrid Reserve

Jun 19 2019
By
Jonathan Smith

 

The latest editions to the warning list of Spain’s financial regulator, the CNMV, are unregulated brokers Financika and Hybrid Reserve. These entities are not authorized to provide investment services or investment advice in Spain, the CNMV said. 

 

Actually, both brokers are registered offshore, and are therefore not allowed to operate on any regulated financial market, not only in Spain. Hybrid Reserve is owned and operated by Singlebell LTD, which is registered in the Marshal Islands. Its website (hybridreserve.com) also features the name of an Estonian company, SINGLEBELL OU, but it is not licensed by the Estonian Financial Supervision Authority (EFSA).

 

Actually, the user comments under our review of Hybrid Reserve demonstrate that the company has been scamming Spanish investors for quite a while and we are honestly wondering why it took the CNMV so long to issue a warning against it. 

 

The other broker blacklisted by the Spanish regulator, Financika (operating from financikatrade.com) is allegedly a trading name of FINANCIKA (SHARP TRADING) LTD., a company registered with the Vanuatua Financial Services Commission (VFSC).  

 

The CNMV regularly issues warnings against unregulated brokers targeting local investors and also maintains a register with investment companies that are authorized to operate in Spain. Recently, it blacklisted Olympus Markets and a bunch of other offshore brokers.

 

In order to operate legally in the country, forex brokerages need a license by the CNMV itself or the relevant authorities of another EU Member State.

 

TAGS: CNMV  Financika  Hybrid Reserve  warning  scam  Spain 
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