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Spain’s CNMV warns against unregulated broker CFX Point

Feb 06 2019
By
Jonathan Smith

 

Spain’s financial watchdog, the Comision Nacional del Mercado de Valores (CNMV), issued warnings against forex broker CFX Point, and several other unregulated financial service providers on Monday.

 

The official warning reads that "these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services.”

 

As a matter of fact, CFX Point is not authorized to provide investment services or investment advice, including foreign currency transactions in Spain, nor on any other regulated market. The company operating the brand, KLDC Technological Systems LTD., is registered on the Marshall Islands, where forex brokerages are not subject to licensing regime, not to any oversight.

 

As most of you probably know, investing in a non-regulated (offshore) broker is extremely risky, as you have no guarantee whatsoever about the safety of your investment. Besides, most such brokers are involved in some sort of scam schemes, and it seems that this is the case with forex and CFD broker CFX Point. Many clients of the broker have complained in comments on our review that they have been swindled out of their money.

 

The Spanish regulator maintains a register with investment companies that are authorized to operate in Spain. In order to operate legally, brokerages need a license by the local relevant authorities or the authorities of any other EU member state. We strongly advise traders to select among brokerages authorized by reputable regulators, such as FCA in the UK, or CySEC in Cyprus.

 

 

>> A list of forex brokers legally operating in Spain <<

 

 

TAGS: CNMV  warning  CFX Point  scam  Spain 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$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 MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review

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